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, it’s important for real estate investors 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 multifamily investment advisors 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 Q1 2023: $84.9M
- Total Properties Transacted in Q1 2023: 16
- *Average Price Per Unit: $100,552
- Total Volume Transacted in Q1 2022: $152M
- Total Properties Transacted in Q1 2022: 59
- *Average Price Per Unit: $111,352
- Population Growth: 0.7% (National Index: 3.8%)
- Job Growth: 3.0% (National Index: 3.0%)
- Rent Growth: 1.6% (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?
“In Tampa, population growth is definitely below the national average, job growth is dead on, and rent growth is basically identical to the national average,” shares Joe LaFleur, multifamily investment advisor at 100Units. “One of the things that’s interesting is that for many years, Tampa Bay had stronger rents than Orlando, and now Orlando has higher rents than Tampa, and that happened give or take a year or so ago. Both have grown higher than the national average, but it’s just interesting that Orlando’s rents have moved up quicker than the Tampa Bay market. Both are expected to continue rent growth.”
“Another interesting factor is that analytics are not predicting negative rent growth for the Tampa Bay market. They’re anticipating zero where rental will just basically be the same. In this particular case in the Tampa Bay market, you had four quarters ago where you were at 22% rent growth, so just going back to zero is significantly higher rent than there was in 2019.”
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All facts and statistics are courtesy of CoStar.