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Downtown St Petersburg rental market

Downtown St Petersburg including Vinoy Place condominiums

Downtown St Petersburg

The downtown St Petersburg rental market currently has very few choices for prospective annual renters. For short term vacation rentals there is generally nothing available – almost all of the downtown St Petersburg condos have a minimum one year rental period. Those few exceptions that allow shorter rentals limit the number of times a year the unit can be rented (one at Parkshore Plaza, three at Signature Place, for example). So, unless an owner isjust going to be away for a season and chooses to rent, they aren’t going to want to leave it empty the rest of the year.

So far this year 100 condos have been rented through the Multiple Listing System, which is about 8.7 per month. There are currently just six available, which is less than one month’s supply:

The Beacon: 983 sq ft, 2 bedroom 1 bath, $1,125/month
Townview: 1,035 sq ft, 2 bedroom 1½ bath, $1,400/month
Flori de Leon: 1,420 sq ft, 2 bedroom 1 bath, $2,200/month (residents must be 55 or older)
Charles Court: 1,835 sq ft townhouse with 3 bedrooms, 3 baths, $2,800/month
Signature Place: 1,018 sq ft, 2 bedrooms 2 baths, $3,000/month
Parkshore Plaza: 2,384 sq ft, 2 bedrooms 2½ baths, $4,500/month

Please keep in mind that all downtown St Petersburg rentals are not listed in the MLS.  Many are offered online and some rent with just word-of-mouth.

Downtown condos are currently popular with investors – not those looking to quickly flip the properties, but those who are redirecting their cash from the stock market and other investments into condos. Their goal is a reasonable return on investment, then perhaps sell after several years. We’ve often been able to secure renters for  our investors’ purchases before they close on the unit.

This dearth of available rental units has generated several proposed downtown St Pete apartment projects. Some of these are:

300 units at The Sol, on the block between 3rd and 4th Aves  S and 4th and 5th Sts S
300 units, unnamed, just south of the downtown St Pete Publix, between 3rd and 4th Aves S
324 units at Bayway Apartments, across from Hotel Indigo on 3rd Ave N
96 units at Campbell Landings, at 6th St S and 4th Ave S

Typically, there is a pendulum mentality: lots of condos or apartments are built at once, and then none are being built.  It comes in waves, rather than in a steady stream. It will be interesting to see what effect these might have on downtown rental rates, since price is always a factor of supply and demand.

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