Metro Reports Multifamily Market Real Estate Trends

Tampa Multifamily Market Report – February 2023

Tampa Multifamily Market Report February 2023
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Read the latest Yardi Matrix Tampa Multifamily Market Report.

Fundamentals Endure

As rent growth patterns began to change at the end of 2022, Tampa’s multifamily sector found itself in a strong spot. The metro’s average rate was $1,798 as of December, following a 0.5% slide on a trailing three-month basis. Strong development and a propensity for adding upscale inventory to Tampa’s rental stock have pressured the average occupancy rate in stabilized properties to 94.7% as of November.

Employment gains in Tampa trended 60 basis points above the national rate, at 4.7% as of October. Unemployment was at 2.6% as of November, as the metro was on par with the state. The local economy is anchored by the trade, transportation and utilities sector, which added 20,000 jobs in the 12 months ending in October. Ongoing projects such as a convention center expansion, riverfront developments and a proposed medical village will likely further the metro’s economic progress.

Tampa’s multifamily transaction volume was $4.6 billion in 2022, as investment recorded its second-strongest year of the past decade. With per-unit prices at an all-time high of $234,262, investment will likely slow, as ongoing economic pressures have increased the cost of capital. Development in Tampa Bay also recorded a solid 2022, with 7,268 units delivered, accounting for 3.0% of existing rental stock.

Read the full Matrix Multifamily Tampa Report-February 2023

About the author

Alex Girda

Alex Girda is a senior editor with Multi-Housing News and Commercial Property Executive who has a decade of experience within the real estate industry. Following a stint as a researcher for PropertyShark, he became a city page editor for the two trade publications, and now also works with Yardi Matrix on their multifamily metro outlooks.

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