Tampa Q4 Market Report: After an Active Year, Deliveries Slow and Vacancy Dips in Fourth Quarter

Highlights:

  • The Tampa multifamily market closed 2019 on an upswing. Both new supply and demand growth were strong during the past year, a trend that is likely to continue in 2020.
  • Vacancy dipped in the fourth quarter, reaching 4.8 percent. While the rate improved in the final few months of the year, vacancy rose 20 basis points in 2019.
  • Asking rents in Tampa rose 4.8 percent in 2019, ending the year at $1,180 per month. The pace of rent growth slowed slightly in the fourth quarter.
  • Projects totaling approximately 5,000 units were delivered in 2019. Completions are forecast to slow to approximately 4,200 units in 2020. Development has been active for the past few years as builders have stepped up activity to meet renter demand.
  • The Tampa multifamily investment market strengthened in 2019, with sales velocity picking up, prices rising, and cap rates compressing. The median price reached $136,900 per unit, while cap rates compressed to an average of 5.1 percent.

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