Research 10/ 8/ 2020

Tampa Q2 Multifamily Market Report: Financial Jobs Bouncing Back Quickly

Highlights:

Tampa Multifamily market report snapshot for Q2 2020
  • The Tampa multifamily market posted strong performance during the first half of the year, even as the larger economy proved quite volatile. With businesses expected to continue to move into the Tampa area in the coming quarters, the local labor market should rebound quickly.
  • Apartment vacancy has been very steady, ending the second quarter at 4.8 percent, up just 10 basis points year over year.
  • Local asking rents have increased, reaching $1,195 per month at midyear, 3.7 percent higher than one year ago.
  • Following an active year of new construction in 2019, deliveries slowed during the first half of this year. Approximately 525 units have come online in the first two quarters of the year, although more projects are expected to work through the development pipeline in the second half.
  • As expected, sales velocity in Tampa in 2020 has lagged levels from recent years, but activity picked up beginning in June. The average price was approximately $140,000 per unit, while cap rates averaged 4.8 percent for properties with value-add potential.

Read the report