More Tampa Bay renters, fewer places they can afford

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Nearly 800,000 Florida renters are “cost-burdened,” meaning they pay more than 40 percent of their income for rent. In the Tampa Bay area, cost-burdened renters make up nearly a third of all renters.

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CLEARWATER – Mark Robinson lives in the Standard, an aging apartment complex on Drew Street near U.S. 19. He likes his neighbors and the management, but don’t get him started on the maintenance problems he’s had with the three-bedroom apartment he and a friend rent for $1,400 a month.

“It’s too expensive for what it is,” the 33-year-old kennel manager said, ticking off issues with the sink, air conditioning, dishwasher, dryer and so on.

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“I’ll always rent unless I hit the lottery,” he said. “I’m a paycheck to paycheck kind of guy.”

That description fits millions of Americans, and it’s especially true in Florida where soaring home prices leave a substantial share of the population with no choice but to rent. But the number of affordable rental units is shrinking while developers are building thousands of “luxury” apartments with prices that would bust the budgets of many renters.


Publisher: Tampa Bay Times
Date: TB_Times
Twitter: @TB_Times
Reference: Visit Source

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