Tampa Bay is Building Up, but is Everyone Benefiting?

 

Across Tampa Bay you’ll see hotels, towers and roads underway, the area is not short of construction projects. With an average of 906 new residents coming to the Sunshine State, it seems like the construction is not going to stop anytime soon. More than buildings are going up.

Rent has spiked all over Florida with Tampa Bay seeing the biggest impact. A study released by Apartment guide ranked St. Pete as the fourth highest city for rental rate increase, with Tampa not far behind. As condos and apartment complexes go up in these cities it seems to do little to lower rent costs and affordable housing has grown harder to find.

With costs on the rise what should be done about it? St. Petersburg has committed to spend $60 million to build affordable apartments over the next ten years, meanwhile Hillsborough County is devoting $10 million every year for an affordable housing trust.

Are local and state governments doing enough to address this or should private development step up building housing that more people can afford? Will building housing complexes be the next gold rush for general contractors in Tampa Bay? One thing is certain, construction is not slowing down any time soon.