Tampa Q4 Multifamily Market Report: Investment Market Roars Back to Life to Close 2020
Highlights:
- The Tampa multifamily market remained relatively stable during the second half of 2020. The local vacancy rate ticked up as the pace of development pushed higher, but rents rose as the economy reopened and renter demand accelerated.
- Apartment vacancy in Tampa ended 2020 at 5.3 percent. The rate inched up 20 basis points during the fourth quarter.
- Asking rents reached $1,228 per month in the fourth quarter; for the full year, rents gained 4.1 percent.
- Investment activity surged during the fourth quarter, pushing prices higher. The median price rose to $152,800 per unit, while sales of newer properties commanded more than $230,000 per unit.
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