Tampa’s housing market continues to remain strong in contrast to national trends.

Here’s a few of the key changes happening in and around Pasco & Tampa Bay.

— Sean

📉 Rents Are Dropping, Except for Tampa Bay…

Driving the news: Nationally, the median U.S. asking rent fell 0.4% year over year to $1,937 in March, marking the first annual decline since March 2020 and the lowest median asking rent in 13 months. However, Tampa Bay residents aren't experiencing the same relief, with rent rates in the Tampa metro area rising by 4%.

Details: Among U.S. cities, Austin, Texas, saw the most significant rent decrease (-11%), while Raleigh, North Carolina, experienced the largest increase (16%).

Zoom in: According to SmartAsset, Tampa Bay renters need to make nearly $67,740 post-tax annually to afford a place in the area, with the average rent in Tampa metro at $2,222.

By the numbers: The 50/30/20 rule, used by SmartAsset, suggests that 50% of after-tax income should go towards basic living expenses, 30% to discretionary spending, and 20% to savings or debt payments. Based on this rule, a $100,000 annual salary in Tampa Bay would be reduced to $73,850 after accounting for the cost of living.

The big picture: "Rents are falling, but it feels more like they're just returning to normal, which is healthy to some degree," said Redfin real estate agent Dan Close. "Rents ballooned during the pandemic and are now returning to earth."

Bottom line: While rent prices are dropping nationwide, Tampa Bay residents are still struggling with affordability, making it vital to address the issue and find solutions for those seeking to live in the area.

🧱 Tampa Convention Center's $38M Makeover Set for Summer Completion

The Tampa Convention Center is undergoing its largest renovation project in history, with a $38 million Capital Improvement Plan aimed at enhancing customer experience, efficiency, and cost savings. This summer, the center is set to unveil new meeting spaces, waterfront rooms, and updates to the Tampa Riverwalk.

Why it matters: The renovation is expected to attract more visitors and events to the Tampa area, boosting local businesses and the economy.

Details:

• New meeting spaces: Upgrades to existing meeting rooms include new carpets, paint, air wall fabric, and lighting. Noise elimination measures are in place to minimize disruption during non-event hours.

• Waterfront rooms: The two-level, 16,000-square-foot addition features 18 new meeting rooms overlooking the Hillsborough River, complete with air walls for flexibility and an outdoor terrace.

• Tampa Riverwalk: Upgrades to the riverwalk include new ADA ramps and eco-friendly LED lighting.

Driving the news: The City of Tampa recently shared a behind-the-scenes construction tour, revealing steady progress toward a late June completion.

What’s next: Construction crews are currently working on the metal ceiling above the Tampa Riverwalk, waterproofing, and framing the new meeting rooms. Drywall, ceilings, and sprinkler piping will follow.

Completed aspects of the project include Big Ray's Fish Camp and the Sail Pavilion, offering visitors a 5-star experience on the Riverwalk.

💻 First Co-Working Space Opens in Land O' Lakes

A new co-working space called 4 & Co. Coworking Spaces has opened in the suburb of Land O' Lakes, offering a remote working option for those seeking to avoid commuting or working from home.

Why it matters: As more employers embrace remote working options, co-working spaces are expected to grow in popularity. The new facility provides a convenient solution for local workers and contributes to the community's growth.

Details:

• 4 & Co. Coworking Spaces began construction on its second location in Land O' Lakes during the pandemic.

• The facility is now the only co-working space located in a Tampa suburb, where most of the workforce lives.

• Since opening, 50% of the co-working spaces are occupied by national and local businesses.

Amenities and Benefits:

• The co-working space offers various amenities, including a nap room, a mother's room, a podcast and photo studio.

• It serves as a hub for smaller businesses, fostering networking opportunities and supporting local growth.

• According to Business Development Director and co-owner Pierre Goris, 4 & Co. Coworking Spaces represents the "next evolution of what office space can be and should be."

The big picture: Co-working spaces like this one provide a viable alternative to traditional offices and support the growing trend of remote work. By offering convenient, local options for workers, co-working spaces can help bolster communities and contribute to their economic growth.

📊 Our Local Markets:

If you’re curious how much your home could sell for now, then reply “what’s my home value” or you can get an estimated value here.

Or if you’re just curious about how the current market affects your situation & what’s going on in your specific neighborhood, just reply & ask.

📰 In Other News:

• Colorado contractor to build Tampa International's new $790 million terminal

• St. Pete tech company closes $7.5M Series D led by Arnie Bellini

• Two Tampa restaurants receive Bib Gourmand awards from Michelin Guide

• Safety Harbor mixed-use building sells for $8.45 million

That’s all for today, I hope you have an amazing week!

If there’s ever anything you need:

• a custom market or home value report

• a home services list for a reliable contractor or services professional

• feedback or a professional opinion on a home project

Just let me know! We’re here to help with all your home needs.

Talk soon,

- Sean, the Bello Home Team 

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