5 Tampa Neighborhoods Where Rents are Increasing the Most

The city offers the ultimate live, work and play lifestyle. It’s an appealing blueprint for active young professionals and retirees, alike.

But to live in the most desirable places, it’s going to cost you. Some residents are paying as much as nearly 14 percent more from last year for their dream dwelling.

Here are five neighborhoods in Tampa where it’ll cost you more to live than last year.

5. Channel District

Tampa neighborhood Channel District

  • Price increase over the past year: 4.12 percent
  • Average rent for one-bedroom in Channel District: $1,850

Channel District offers an urban cachet. It’s gone through a reshaping of sorts. Originally, this was the warehouse district serving Port Tampa Bay. Today, thanks to investments in business and real estate, there are lots of tall, new buildings.

Architecture has an art-deco sensibility and ground-floor storefronts are the norm. The population is right around 3,300, but it could boom to 5,000 when projects currently under construction or seeking residents are completed and full.

Besides the Florida Aquarium, with its 500,000-gallon tank of living coral reef that anchors the eastern side of the district, this area is a cruise ship hub. Home to the Port of Tampa, major cruise lines and commercial freighters, along with pleasure craft and sailboats call this harbor home.

The Channel District is a magnet for young professionals because of its vibe and downtown proximity. But it’s also a lure for retirees. At the Amalie Arena, hockey fans can see the Tampa Bay Lightning play. Casual bars, restaurants and parks dot the district’s streets.

Fun Fact: Replicas of the 1892 Birney Safety Cars that transported locals and visitors around Tampa are today’s streetcars connecting downtown and Channelside to the Port of Tampa and Historic Ybor City.

4. Old Seminole Heights

Tampa neighborhood Old Seminole Heights

  • Price increase over the past year: 4.61 percent
  • Average rent for one-bedroom in Old Seminole Heights: $1,475

Old Seminole Heights is one of three distinct neighborhoods north of the downtown area. The trio includes Old Seminole Heights, South Seminole Heights and Southeast Seminole Heights. The Hillsborough River serves as a border to the west.

Seminole Heights has bungalows from the 1920s, craft breweries, a hot culinary scene and the nearby oak-forested Lowry park. Having gone through extensive revitalization, its tree-lined streets offer up big charm.

Being near Zoo Tampa and The University of South Florida helps the desirability factor.

Fun Fact: At 214 feet, the Sulphur Springs Water Tower has been a part of Tampa’s history since 1927, according to Old Seminole Heights Neighborhood Association.

3. Sun Bay South

Tampa neighborhood Sun Bay South

  • Price increase over the past year: 4.98 percent
  • Average rent for one-bedroom in Sun Bay South: $1,240

Sun Bay South is a coastal neighborhood. With a population of nearly 20,250, it’s also referred to as Gandy/Sun Bay South. Located on the South Tampa peninsula, it’s east of the bay and just north of MacDill Air Force Base. Young professionals are choosing to rent here for casual Florida living, which includes water access for boating.

It’s postcard pretty, with residential streets lined with towering palms. And, there’s plenty of entertainment options, too, including bars and restaurants. Plus, Sun Bay South is also near Ballast Point Park and its scenic 600-foot pier.

Fun Fact: Pro wrestler and actor Hulk Hogan attended Thomas Richard Robinson High School in Sun Bay South.

2. New Tampa

Tampa Neighborhood New Tampa

  • Price increase over the past year: 6.21 percent
  • Average rent for one-bedroom in New Tampa: $1,121

New Tampa is a community that’s popular for its golf courses and access to the Lower Hillsborough Wilderness Reserve. It spans both Hillsborough and Pasco Counties and offers access to family-friendly neighborhoods, premium shopping and dining and top-rated schools. The incorporated part of “New Tampa” within the city limits of Tampa is considered one of the largest city neighborhoods.

Located north on I-75, outdoor recreation and nature trails abound. The Shops at Wiregrass, which is an outdoor mall in nearby Wesley Chapel, is north of New Tampa.

Many corporations have relocated their headquarters in the New Tampa area. It’s conveniently located for locals and visitors. Busch Gardens, Adventure Island and the University of South Florida are also nearby.

Fun Fact: Lower Hillsborough Wilderness Preserve protects 16,000 acres of floodplain forests and uplands along the Hillsborough River from the Green Swamp to the edge of Tampa.

1. North Hyde Park

Tampa Neighborhood North Hyde Park

  • Price increase over the past year: 13.88
  • Average rent for one-bedroom in North Hyde Park: $2,131

North Hyde Park is Tampa’s west of river district. It has historic cigar factories, luxury, modern apartments and its own riverfront park. North Hyde Park offers proximity to an expanded Riverwalk and also to Bayshore Boulevard, making it a very walkable neighborhood. The residential pull is also due in part to all of the businesses popping up along the stretch of Kennedy between Ashley Drive and Howard Avenue.

Burgeoning with a population of nearly 3,500, the NHP Alliance calls the neighborhood a new center for living, education, medical, restaurants, business and alignments.

Young professionals and University of Tampa students gravitate here, as do retirees. This neighborhood, which is between downtown and the West Shore district, also has access to Interstates 275 and 4.

Fun Fact: Bayshore Boulevard is an active, 5-mile linear park. It connects to all the dining, culture, recreation and entertainment that dots the Downtown’s 2.5-mile Riverwalk.

Methodology

We looked at all the neighborhoods in Tampa with sufficient available inventory on Apartment Guide and Rent.com and compared the average price from August 2019 to August 2018 to find the neighborhoods with the highest percentage increase in one-bedroom apartment prices.

The current rent information included in this article is based on multifamily rental property inventory on Apartment Guide and Rent.com and is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

This article fits under the following categories:

Susan FriedmanSusan Friedman is a lifestyle journalist with a background that includes real estate, interior design, architecture and kitchen and bath design. The former senior editor of Florida Travel + Life magazine, Susan resides in sunny south Florida and loves exploring the next great place to live, local culture and neighborhoods with cool vibes. Whether it’s in her own backyard or beyond, she has the pulse on what’s trending now in apartment dwelling and more.

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