Metro Reports Multifamily Market Real Estate Trends

Tampa Multifamily Market Report – Summer 2021

Tampa Multifamily Market Report Summer 2021
Image by 6381380/iStockphoto.com

Rent Improvement Shores Up Recovery

As the U.S. economy continues to make headway, signs of recovery are becoming more apparent. The multifamily sector has been showing strength, as year-over-year rent expansion returned to pre-pandemic levels. As of May, Tampa was among the leading metros in this regard, with rents up 6.8% year-over-year, while rates edged up 0.7% on a trailing three-month basis to $1,382, below the $1,428 U.S. figure.

According to May preliminary data, unemployment stood at 4.9% in Florida and 4.6% in metro Tampa, both below the 5.8% national rate. According to the Florida Department of Economic Opportunity, employment in the Tampa area private sector increased by 100,300 jobs, up 8.9 percent year-over-year through May. As a result of the American Rescue Plan, the city of Tampa and Hillsborough County are set to receive $366 million in relief funds aimed at small business aid, infrastructure, education and rental and mortgage assistance.

Tampa had 17,287 units under construction as of May, with 91% of those targeting high-income renters. Yardi Matrix expects 2,914 apartments to come online in the metro by year-end. Meanwhile, more than $1 billion in rental assets traded in the first five months of 2021, a 38% uptick compared to the sales volume recorded in the same interval in 2020.

Read the full Matrix Multifamily Tampa Report-Summer 2021

About the author

Avatar

Timea-Erika Papp

Timea Papp is a Senior Associate Editor with Commercial Property Executive and Multi-Housing News. She joined CPE and MHN in 2017 and has been working in the real estate industry since 2011. Timea's key focus areas include finance pieces for the CPE Capital Markets and MHN Finance & Investment newsletters and metro-focused multifamily market reports for Yardi Matrix.

Add Comment

Click here to post a comment