Tampa Q1 Multifamily Market Insights: Rents remain on upward trajectory in 2022
Highlights:
- The Tampa economy continues to add jobs, supporting demand for area apartment properties and prompting demand for new units. Rents are on the rise, even as vacancy rates have inched higher after reaching cyclical lows during the second half of last year.
- Vacancies inched up 10 basis points in the first quarter. Despite the recent uptick, the current rate of 3.9 percent is down 80 basis points year over year.
- Local rents continued to trend higher after a year of rapid growth. Asking rents increased by 2.8 percent during the first quarter, ending the period at $1,752 per month. Year over year, rents have surged by 28.4 percent.
- The investment market remained active during the first quarter. Nearly twice as many properties sold during the first three months of this year than during the same period in 2021. The median sales price was $202,500 per unit while cap rates averaged 3.5 percent.
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