Massive inventory and high rents 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 Bay, and Jacksonville.
Along with strong rent growth, Tampa Bay should especially stand out to investors with its high occupancy rates of 97.9% as of February 2022. [1]
Continue reading as we highlight and discuss the essential statistics from the Tampa Bay multifamily market below that we update every quarter:
What’s the current state of the Tampa Bay multifamily market?
Our team of multifamily investment advisors compiles the most relevant and applicable facts on the current state of the Tampa Bay market each quarter that multifamily investors should be aware of:
- Total 5-150 Unit Properties in the Market: 2,708
- Total Volume Transacted in Q3 2022: $61.6M
- Total Properties Transacted in Q3 2022: 25
- *Average Price Per Unit: $134,280
- Total Properties Transacted in Q3 2021: 98
- Total Properties Transacted in 2021: 323
- Population Growth: ↑ 0.65%
- Job Growth: ↑ 3%
- Rent Growth: ↑ 15%
Why should I invest in the Tampa Bay multifamily market?
“The Tampa Bay market is a much larger market, especially when compared to Jacksonville, at 2,708 properties in the multifamily space,” explains Joe LaFleur, multifamily investment advisor at 100Units. “They also had a very strong 2021 with 323 transactions, which is 12% of all properties in the 5-150 unit multifamily space transacting—an absolutely astonishing level of velocity.”
Tampa Bay’s numbers for average rent are slightly less than the average rent in the Central Florida market, but the price per unit is slightly higher.
Unlike other markets, Tampa Bay’s economy also recovered quicker after taking a hit during the height of the COVID-19 pandemic, effectively generating additional household formation. Additionally, the market houses a large number of retirees that offer a sizable renter base that is less prone to recessions than certain others. [1]
Investors from across the globe are keeping their eyes on the Tampa Bay market with the prices and the expected return on investment being less when compared to Central Florida and Jacksonville.
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Sources:
1: Multifamily Executive | Sunny Outlook for Tampa Multifamily
All additional facts and statistics are courtesy of CoStar.