Downtown condo rentals in St Petersburg, Florida have now reached a supply of 8 months, ranging from a 4 month supply of 1 bedroom units to an 8 month supply of 3 bedroom units. Rents (asking prices) range from $950/month for a 600 sq ft unit to $8,000/month for a 2,700 sq ft unit (yes, that's high - you can rent some that size for half the price). More owners are offering their condos for rent because they haven't sold. The downward pressure on home prices has spread into the rental market. Investors - if you're looking for positive cash flow, this isn't the time or place for it. Most downtown St Pete condos are offered for rent annually, and most are unfurnished.
