The subject of this week’s QuickView (in the spirit of the Big Game!) is a snapshot of average rents in Tampa, FL, and Kansas City, MO. Based upon our analysis, the year-over-year rents in Tampa are outperforming Kansas City.
Our standard City analysis uses a 6-month “LookBack” to establish an average baseline rent. The 6-month LookBack analyzes the rent data from the last 6-months, and for this analysis, the rent data included would be from July 1 – January 1.
The results from the 6-month LookBack analysis are presented in the table below:
|
City: Tampa (average rent) |
||||
|
6-month LookBack |
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|
Floorplan |
1/1/21 |
1/1/20 |
ch$ |
ch% |
|
$1,179 |
$1,131 |
$48 |
4.2% |
|
|
$1,471 |
$1,318 |
$153 |
11.6% |
|
|
$1,768 |
$1,552 |
$216 |
13.9% |
|
|
City: Kansas City (average rent) |
||||
|
6-month LookBack |
||||
|
Floorplan |
1/1/21 |
1/1/20 |
ch$ |
ch% |
|
$952 |
$921 |
$31 |
3.4% |
|
|
$1,094 |
$1,030 |
$64 |
6.2% |
|
|
$1,284 |
$1,239 |
$45 |
3.6% |
|
As the table shows, 1BR units in Tampa last year had averages of $1131 that increased by 4.2%. Whereas in Kansas City, last year’s average rent bought in $921 and increased 3.4%. In the 1 BR units Tampa Vs. Kansas City, Tampa outperformed KC by a small margin (.8%).
Considering the 2BR units in Tampa, where last year they averaged $1318, that had a sharp increase of 11.6% this year. In Kansas City, the 2BR units had an average of $1030, which also increased but not as well as Tampa’s 2BRs. Tampa again outperformed Kansas City by 5.4%.
Lastly looking at the 3BR units in Tampa had average rents of $1552 last year, which increased by 13.9% this year. Kansas City’s 3BR units had a modest increase of 3.6% from $1239 last year to $1284 this year. Tampa crushed the 3BR market by 10.3%.
Does our rival city comparison show any precursors for the “Big Game”? We won’t know until it is over and we can look at the data. Overall, both markets look stable, especially when compared to other major cities.
Tampa, Florida 1-Bedroom Rents: January 2021
Tampa, Florida 2-Bedroom Rents: January 2021
Tampa, Florida 3-Bedroom Rents: January 2021
Kansas City, Missouri 1-Bedroom Rents: January 2021
Kansas City, Missouri 2-Bedroom Rents: January 2021
Kansas City, Missouri 3-Bedroom Rents: January 2021
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This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology. If you liked this article, subscribe to Rentometer’s email newsletter to stay up-to-date on the latest trends in rental housing.