The Impact of Progress Residential on Tampa Bay’s Rental Market

The rise of Progress Residential as a major landlord in the Tampa Bay area has brought both economic growth and tenant complaints. With over 85,000 homes nationwide, Progress Residential is the largest single-family rental operator in the U.S. and the second-largest landlord in the Tampa Bay region. However, tenants have reported issues with maintenance, customer service, and living conditions in Progress-owned homes.

Tenants like Rebecca Swiatek and Lonette Posey have shared their experiences of dealing with maintenance backlogs, unresponsive customer service, and unsanitary living conditions in Progress Residential properties. From broken toilets to mold infestations, tenants have faced challenges in getting timely repairs and addressing health concerns.

Despite these complaints, Progress Residential has not provided specific responses to individual tenant issues. The company has highlighted its investment in technology to improve maintenance processes and address repair requests promptly. However, tenants like Susan Jenkins and Gary Stein have faced ongoing issues with mold, air quality, and maintenance delays in their Progress-owned home.

The private equity-backed model of companies like Progress Residential has come under scrutiny for prioritizing profits over tenant well-being. Critics argue that the pressure to deliver high returns to investors can lead to cost-cutting measures that impact the quality of housing and tenant experiences.

As the debate over the role of large real estate investment firms in the rental market continues, tenants like Swiatek and Stein feel trapped in homes owned by companies like Progress Residential. With limited options and financial constraints, they face challenges in finding suitable housing alternatives.

The future of single-family rentals in the Tampa Bay area remains uncertain, with concerns about debt leverage, slowing rent growth, and potential regulatory changes. As lawmakers consider legislation to restrict hedge funds from owning single-family homes, the impact on companies like Progress Residential and the rental market as a whole remains to be seen.

“Buying up the Bay” is an ongoing series that explores the influence of real estate investors on the housing market in Tampa Bay. Written and reported by Rebecca Liebson and Teghan Simonton, the series aims to shed light on the impact of corporate landlords on tenants and communities in the region.