July 7, 2023

Tampa 1Q23 Multifamily Market Insights Report: Rents continue to push higher, up 4.5% year over year

Highlights:

Property performance metrics were healthy in Tampa during the first quarter, as asking rents continued to push higher. The development pipeline continued to expand with projects totaling 18,275 units currently under construction.
As apartment construction accelerated, vacancy ticked higher. The vacancy rate rose 50 basis points in the first quarter to 4.1%, still lower than the market’s five-year average. Year over year, the rate is up just 20 basis points.
Asking rents trended higher during the first quarter, rising 1% to $1,830 per month. Year over year, rents are up 4.5%.
Tighter conditions in the debt markets have limited investment activity in Tampa in recent months. The number of deals during the first quarter was down roughly 50% from levels recorded one year ago. The median sales price to this point in the year is $249,200 per unit, up 18% from the median price in 2022.