ST. PETERSBURG, Fla. — While the rest of the country is seeing rent prices starting to decline, here in Florida, there's still no rent relief in sight.
What You Need To Know
- Some St. Petersburg renters say they are seeing a more than 7% increase on their rents, more than much of the country
- Housing officials say it's because Florida continues to see its population growing faster than they can build
- Many are moving to homeownership due to the cost of renting
It's leading some to consider home ownership like St. Petersburg resident Levi Berk.
When it came time to renew their lease, they discovered that despite rent starting to decline in other parts of the country, they would have to pay 7% more to renew their lease.
So instead of signing another lease, they spent the last year saving what they could. Now they're shopping for furniture to fill rooms in the home they just purchased.
“It’s Exciting and stressful being a homeowner,” Levi said. “Getting moved in is a process. It’s more expensive than what we would’ve been paying in rent, but we were going up from $1,800 month in our one bedroom apartment on Central to about $2,200 a month from one year to the next. So we that into consideration with what we’d be paying in a mortgage it just made more sense.”
They're not planning on moving in to their new place until the end of the year, but Levi says it already feels better paying monthly for something you own instead of something you borrow. And as the housing market continues to level off he says, with some planning and saving first time homeownership isn't as far a reach as you might think.
“Talk to a real estate agent. Talk to a mortgage company and just see where you’re at,” he said. “Know where you’re at with your credit, Know where you’re at with down payment. I always hear 20% down on a house. And I thought how am I ever gonna have that much cash to put down. But it actually was a lot less so I would jus thrust know where you’re at. That’s my advice It’s an easier process than I made it in my mind to be.”
Meantime for renters, housing officials in the city say prices will likely stay high for as long as the population grows faster than they can build.
“Recently city council passed past an ordinance that requires landlords to give up to 60 days notice if they’re increasing rent over 5%,” said St. Petersburg City administrator for community and neighborhood affairs Amy Foster. “But I’m telling you we’re seeing story after story of tenants we’re seeing $400, $500, $1000 increases on the rent, so this is gonna be a really important protection for them.”