Rents Rise, Job Market Continues to Thrive
Mirroring nationwide trends, Tampa’s multifamily market bounced back after a period of negative rent growth. Gains increased to 0.3% on a trailing three-month basis through May, on par with the U.S. average. Rates reached an average of $1,815, nearly $100 above the national figure.
Tampa gained 82,200 positions in the 12 months ending in March, marking a 4.6% year-over-year uptick. Education and health services led all sectors in job gains, accounting for nearly a fourth of new positions. Tampa General Hospital continued to add to the metro’s budding medical and research district. The latest addition is the new TGH Kennedy Emergency Center, a key part of a $550 million master facility plan. The 83,000-square-foot TGH Behavioral Health Hospital will be yet another addition to the district.
Multifamily developers remained active, as well. Tampa had 16,599 units under construction as of May, with an additional 78,000 in the planning and permitting stages. During the same period, 4,416 units came online, accounting for 1.8% of existing multifamily stock. Transactions amounted to more than $440 million in the first five months of the year, with sales activity continuing to slow down. The price per unit dropped to $176,074, just below the $179,358 U.S. average.
Read the full Matrix Multifamily Tampa Report-July 2023