Sizeable inventory and a hospitable environment create a prime multifamily market in Tampa Bay
With Florida multifamily markets acting as shining stars across the country, real estate investors need to stay aware of the trends in the state’s strongest markets, including Central Florida, Tampa, and Jacksonville.
Continue reading as we highlight and discuss the essential statistics from the Tampa multifamily market below that we update every quarter:
What’s the current state of the Tampa multifamily market?
Our team of Tampa multifamily brokers compiles the most relevant and applicable facts on the current state of the Tampa market each quarter that multifamily investors should be aware of:
- Total 5-150 Unit Properties in the Market: 2,708
- Total Volume Transacted in Q32023: $36M
- Total Properties Transacted in Q3 2023: 20
- *Average Price Per Unit: $192,000
- Total Volume Transacted in Q3 2022: $94M
- Total Properties Transacted in Q3 2022: 26
- *Average Price Per Unit: $179,000
- Population Growth: 1.9% (National Index: 3.8%)
- Job Growth: 2.5% (National Index: 3.0%)
- Rent Growth: -0.5% (National Index: 1.7%)
*Includes these Submarkets: Central Pinellas, Southeast Tampa, North Tampa, Downtown Tampa, Pasco County, West Tampa, Northwest Tampa, South Tampa, South Pinellas, Downtown St. Petersburg, North Pinellas, Hernando County, East Tampa
Why should I invest in the Tampa multifamily market?
“This was the only market where the dollar per unit actually went up between 2023 and 2022,” shares Joe LaFleur, founder and multifamily broker at 100Units. “Their negative rent growth is only .5% which is, to me absolutely astonishing, one of the best in the Florida markets.”
“The deal sizes that are happening are significantly smaller as a total deal size. They’re down from 94 million to 36 million. It’s roughly 35%, but the actual price per unit has gone up for negative rent growth. They are basically saying now is the worst part of the rental market for Tampa Bay, MSA, and then immediately starting in 2024, boom, we’re already back to the more normalized two to 4% rent growth right away.”
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All facts and statistics are courtesy of CoStar.