What rent do $1M+ homes get in Tampa Bay?

$1M+ homes in Hillsborough and Pinellas bought since January 2024 and rented on a yearly lease typically earned 6.5% of their purchase price per year in rent before costs (middle half 5.2%–7.6%), about $8,000 a month (101 homes, Stellar MLS).

Luxury › Research › What $1M+ homes actually rent for

Investing · Hillsborough & Pinellas · Data January 2024 to October 2026

What $1M+ homes actually rent for

In plain English

We found 101 homes bought for $1M or more since January 2024 that were then rented out on a yearly lease. For the typical one, a year of rent added up to 6.5% of what the owner paid — about $8,000 a month on a $1.41M home.

That’s before property taxes, insurance, HOA fees, repairs and months without a tenant, so what an owner actually keeps is noticeably less.

For example: buy a home for $1,400,000 and rent it for $7,600 a month. That’s $91,200 a year, or 6.5% of the price. Every $14,000 a year you spend on taxes, insurance, HOA and upkeep lowers that by one percentage point.

Typical yearly rent ÷ price

6.5%

middle half 5.2%–7.6%

Typical monthly rent

$8,000

typical price $1.41M

Earned 5% or more

79%

of these homes

Purchase to signed lease

140 days

typical

Yearly rent as a share of the price, by type of homeTypical (median) home in each group

How to read this: a longer bar means more rent for each dollar of price.

Single-family

6.1% · n=40

Condo

7.0% 7.0% · n=58

0.0%2.0%4.0%6.0%8.0%

The numbers

	Homes	Low end (25th pct)	Typical (median)	High end (75th pct)	Typical rent	Typical price
Single-family	40	4.7%	6.1%	7.0%	$7,500	$1.33M
Condo	58	5.6%	7.0%	7.7%	$9,000	$1.56M
Townhouse (small sample)	3	5.7%	6.2%	6.5%	$6,500	$1.35M

Yearly rent as a share of the price, by price rangeTypical (median) home in each group

How to read this: rent doesn’t rise as fast as price, so compare the bars across price ranges.

$1–1.5M

6.7% 6.7% · n=52

$1.5–2M

6.4% · n=23

$2–3M

6.0% 6.0% · n=24

0.0%2.0%4.0%6.0%8.0%

The numbers

	Homes	Low end (25th pct)	Typical (median)	High end (75th pct)	Typical rent
$1–1.5M	52	5.3%	6.7%	7.6%	$6,875
$1.5–2M	23	5.6%	6.4%	7.5%	$9,100
$2–3M	24	4.8%	6.0%	7.6%	$11,250
$3–5M (small sample)	1	6.2%	6.2%	6.2%	$25,000
$5M+ (small sample)	1	2.9%	2.9%	2.9%	$12,500

Gross means before costs. In Florida, an investor who buys a home is taxed on the price they paid, and insurance on coastal luxury homes has risen sharply. Those costs — plus HOA, repairs and empty months — are the difference between a 5.2% home and a 7.6% home being a good investment.

How many luxury homes rent each yearYearly leases of $6,000 a month or more, Hillsborough and Pinellas

How to read this: each bar is the number of high-end leases signed that year.

2024

297 · n=297

2025

301 301 · n=301

2026 (so far)

269 · n=269

0100200300400

The numbers

Year	Leases	Typical rent	Typical days to rent
2024	297	$7,500	43
2025	301	$8,000	47
2026 (so far)	269	$7,700	46

What it means for you

If you are investingA $1M+ rental here typically brings in about 6.5% a year before costs. The deal works if you buy toward the top of that range and you’re also counting on the home gaining value — rent alone rarely carries it.

If you are sellingIf an investor is looking at your home, they will run exactly this math. A price that only works at a very low rent keeps them away.

If you are buying to live inRenting a similar home costs about 6.5% of its price per year — a useful number to compare with the cost of owning.

What these words mean

Gross rental yield: One year of rent divided by the purchase price, before taxes, insurance, HOA fees, repairs and empty months.
Median: The middle number: half of the homes were above it and half below. A few extreme sales cannot pull it around.

What this can’t tell you

These are homes investors chose to rent out. Most luxury homes are lived in by their owners, so this isn’t the rent any luxury home would get.
Weekly, seasonal and month-to-month rentals are left out, as are rents that don’t make sense against the price (a whole season’s rent entered as one month is a known MLS error).
A condo purchase only matches a lease on the same unit number.
There are 101 of these homes since January 2024 — enough to see the typical range, not enough to split finely by neighborhood.

Related research

Selling

Will a $1M+ home sell? About 1 in 3 didn’t within a year

33%

of $1M+ homes listed January 2024 to October 2025 didn’t sell within a year, counting private sales.

Clear pattern · 24-point gap

Buying

Flood zones and waterfront: no difference before 2024, a big one since

40% vs 25%

of homes in flood zone AE vs zone X didn’t sell within a year (listed since 2024).

Clear pattern · 20-point gap

Selling

The house itself: size, pool and age

53% vs 28%

of houses over 7,000 sq ft vs the easiest size didn’t sell within a year.

Clear pattern · 25-point gap

Buying

Luxury condos got harder to sell in 2024 — especially in older buildings

43% vs 33%

of $1M+ condos vs houses didn’t sell within a year (listed since 2024).

Clear pattern · 32-point gap

The trade, underwritten on receipts.

Rental, rebuild or hold: tell me the strategy and the budget. I will send what the recorded sales and leases say it has actually returned here, including the ones that lost.