Occupancy Endures, Rents Falter
The Tampa multifamily market closed 2025 marked by a slowdown and fluctuating fundamentals. The average advertised asking rent was $1,786 as of December, following a 0.3% slide on a trailing three-month basis, mirroring the national trend, as reported in the U.S. multifamily market outlook. Yet absorption looks relatively strong, with occupancy in stabilized assets down just 10 basis points over 12 months, to 93.4%, even amid a particularly large wall of deliveries.
Tampa employment expanded 1.0% as of September, 20 basis points above the U.S. average. The metro added 13,800 net jobs, with education and health services leading gains, accounting for 9,000 of the total. The metro’s unemployment rate stood at 5.0% as of November, 50 basis points above the national figure, according to preliminary data from the Bureau of Labor Statistics. A more than $2 billion data center park has received a $150 million, 10-year tax break from Polk County. Developed by Stonebridge, the project is slated to encompass some 1.9 million square feet, with the first facilities expected to be operational by early 2028.
Tampa developers added 11,269 units or 4.1% of existing stock in 2025, outpacing the national rate by 110 basis points. Going into 2026, the pipeline remained consistent, with 2025 construction starts above 2024’s volume. Meanwhile, transaction activity lagged most previous years, with $1.6 billion in assets changing hands in 2025.
Read the full Tampa Multifamily Market Report: February 2026
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