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Market Report

Tampa-St. Petersburg Multifamily Market Report

2025 Investment Forecast

Supply-Demand Metrics Align, Improving
the Trajectory of Vacancy and Rent

Employer relocations increase the need for rentals. Tampa-St. Petersburg continues to attract businesses, providing new local job opportunities that will bolster economic activity. The staffing and talent firm Insight Global is one such relocation, as they are expected to lease 20,000 square feet in Midtown starting in early 2025. Foot Locker has also moved their headquarters to St. Petersburg from New York City, encouraging some of their current employees to migrate as well. Lower living and operating costs compared with many northeastern metros, in addition to not having an individual state income tax, enhance Tampa’s appeal for both relocating businesses and renters — a dynamic that holds true for many professionals, even as the risk of natural disasters has raised the insurance burden for property owners. New demand, in combination with a pullback in completions, will translate into a net absorption tally in 2025 that aligns with new supply. This dynamic will foster a slight decline in metrowide vacancy that supports moderate upward rent momentum, reversing the trajectory from the prior two years.

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