Tampa-St Petersburg Multifamily Market Report
Migration Trends Bolster Renter Demand
and Investment Activity in Tampa
Constrained housing market benefits rentals. Tampa-St.Petersburg experienced its largest spike in new apartment leases on record over the past year ending in March, with renters absorbing nearly 11,000 units during this span. Entering the second quarter, availability was at 2.2 percent — 10 basis points above the market's all-time low. The entire metro is experiencing record levels of rent growth, with all 15 submarkets registering gains that exceeded 23 percent over the past year. The extremely tight single-family housing market is greatly benefiting multifamily fundamentals in Tampa. As of February, there were just over 3,000 active single-family listings throughout the market, compared to the 16,000 listings during the same month in 2019. This is creating challenges for prospective entry-level home buyers, further bolstering demand for rentals.