Tampa Q2 Multifamily Market Report: Vacancy improves, rents continue to push higher

Highlights:

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• The Tampa Bay multifamily market sustained its momentum throughout the first half of this year, posting some of the strongest operational performance in the country. Vacancies inched lower, and rents continued to push higher at a rapid pace.
• Vacancy dipped 10 basis points during the second quarter, reaching 3.8 percent. The rate has improved significantly in the past year, tightening by 110 basis points.
• Rents in the Tampa Bay metro area have been growing at one of the fastest rates in the country for more than a year. During the second quarter, asking rents advanced an additional 3.3 percent to $1,810 per month. Year over year, area rents have spiked 19.4 percent.
• The local investment market gained momentum during the second quarter. Transaction activity accelerated, and prices pushed higher. Sales velocity through the first half of 2022 is ahead of the robust pace of transactions that closed in the first half of last year.

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