Tampa Multifamily Report – July 2024

The market remains healthy, but the Gulf Coast city is facing a glut of new product.

Tampa’s multifamily fundamentals have cooled off amid strong supply expansion. Advertised asking rents were down 0.1 percent on a trailing three-month basis through May, to $1,794, slightly above the nation’s $1,733 average. Year-over-year advertised asking rents were down 1.8 percent, with 19 of the 51 submarkets tracked by Yardi Matrix recording gains.

In March, Tampa’s unemployment rate stood at 3.4 percent, based on data from the Bureau of Labor Statistics, outperforming the 3.8 percent national figure. Over the 12-month period ending in March, Tampa added a net total of 37,000 jobs. This represented a 2.3 percent expansion and significantly surpassed the 1.4 percent national figure. Education and health services recorded the strongest growth, with 17,100 jobs added. The historic Gas Plant District is one step closer to becoming a reality. Ahead of the St. Petersburg City Council’s final vote on its redevelopment, the Tampa Bay Rays have agreed to stay in the city. A joint venture that includes the city of Tampa, Pinellas County, the Rays and Hines will develop a $1.4 billion ballpark that will serve as an anchor for the 86-acre mixed-use project.

Developers completed 2,199 units in 2024 through May. A total of 25,300 units were under construction, while an additional 48,000 were in the planning and permitting stages. If market conditions hold, Yardi Matrix expects more than 11,000 units to come online in 2024, which would mark a decade-high.

Read the full Yardi Matrix report.

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