Tampa Q1 Multifamily Market Report: Sharp Vacancy Decline Highlights a Very Strong Start to 2021


  • The Tampa multifamily market started 2021 in a strong position. Absorption accelerated, vacancy tightened, and rents recorded significant gains.
  • Vacancy for area apartments declined 60 basis points during the first quarter, reaching 4.7 percent. The rate closely tracks long-term averages in the market and is unchanged from one year earlier.
  • Local asking rents continued to post strong gains in the first quarter, reaching $1,252 per month. Year over year, asking rents are up 4.8 percent.
  • Fewer apartment properties sold at the start of this year, following a rapid pace of deal flow at the end of 2020. In deals that closed in the first quarter, the median price was approximately $140,000 per unit, while cap rates continued their downward trend, averaging around 4 percent.

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