Tampa-St. Petersburg Multifamily Market Report
Net In-Migration Accelerates Rental Demand Jointly Across the Urban Core and Suburbs
Market fundamentals flourish. Metro apartments experienced a demand surge over the past 12 months ending in June as Tampa’s relative affordability and pandemic-related factors induced moves out of higher-density markets. With over 10,400 units absorbed during that yearlong span, multifamily demand has continued to outpace deliveries, reducing the market’s average vacancy rate to an all-time low of 3.1 percent. Tight market conditions are propelling some of the strongest rent gains of the last 20 years, more than doubling the national pace. Tampa’s average effective rent is nevertheless still well below major gateway markets, helping to stimulate demand from those seeking lower living costs. Quality-of-life considerations such as the warm climate and new career opportunities are also drawing in renters.