- Most property performance metrics improved in the Tampa multifamily market in the third quarter. The vacancy rate fell and the combination of elevated demand and tight conditions is prompting new development. New development, however, will be tempered by a more restrictive lending market and higher interest rates.
- Vacancy continued to tighten, dropping 20 basis points during the third quarter to 3.6 percent. Year over year, the rate has improved by 10 basis points.
- Apartment rents in Tampa remained relatively flat, coming in at $1,800 per month. In the past year, average asking rents have advanced 6.6 percent.
- Fewer properties sold during the third quarter, but there have already been signs of a bit of a rebound in transaction counts as 2022 comes to a close. The median sales price to this point in the year is $215,600 per unit, nearly identical to the median price in 2021. Cap rates tracked higher from the low-4 percent to mid-4 percent range in the third quarter.