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Market Report

Tampa-St. Petersburg Multifamily Market Report

3Q 2022

New Residents Warrant Historic Supply Wave in Tampa;
Deal Flow Reaches All-Time High

Historic rent gains recalibrate tenant preferences. Net in-migration to Tampa is outpacing all other Florida metros, resulting in historic levels of renter demand, which is placing significant upward pressure on housing costs. Since 2019, the average effective rent has risen nearly 43 percent, a growth rate that leads all major markets in the nation. With a median household income nearly 14 percent below the national mean, many long-term residents are seeking lower-cost units to cut down on expenses amid widespread inflation. This was a factor behind vacancy in both Class A and B properties increasing by 60 basis points over the past year. Even with the slight uptick, however, availability in these property tiers remains well below historical norms. Meanwhile, job creation and recruiting efforts in higher-paying industries should attract new Class A and B renters to the market.

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