According to a Redfin report, condo homeowners association fees are rising in many Florida cities, especially Tampa. Overall, fees have jumped more than 15% from a year ago in Tampa, Orlando, and Fort Lauderdale.
In Tampa, Redfin said the median monthly HOA fee jumped 17.2% year over year, the steepest increase among the 43 US metropolitan areas they analyzed. The median increase across the other metro areas was 5.7%.
While condo prices have started to drop in most parts of the state, according to the MLS listings, HOA fees continue to rise. This is not as common as fees tend to increase as property prices increase. However, HOA fees have surged in Florida for two main reasons: Surfside and insurance.
In June 2021, a condo building in Surfside, FL, collapsed . As a result, the Florida legislature passed Senate Bill 4-D , which requires structural inspections for condos and additional money to be set aside for repairs. Redfin said many HOAs are hiking fees to comply with the new regulations.