As the U.S. economy continues to make headway, signs of recovery are becoming more apparent. The multifamily sector has been showing strength, as year-over-year rent expansion returned to pre-pandemic levels. As of May, Tampa was among the leading metros in this regard, with rents up 6.8 percent year-over-year, while rates edged up 0.7 percent on a trailing three-month basis to $1,382, below the $1,428 U.S. figure.
According to May preliminary data, unemployment stood at 4.9 percent in Florida and 4.6 percent in metro Tampa, both below the 5.8 percent national rate. According to the Florida Department of Economic Opportunity, employment in the Tampa area private sector increased by 100,300 jobs, up 8.9 percent year-over-year through May. As a result of the American Rescue Plan, the city of Tampa and Hillsborough County are set to receive $366 million in relief funds aimed at small business aid, infrastructure, education and rental and mortgage assistance.
Tampa had 17,287 units under construction as of May, with 91 percent of those targeting high-income renters. Yardi Matrix expects 2,914 apartments to come online in the metro by year-end. Meanwhile, more than $1 billion in rental assets traded in the first five months of 2021, a 38 percent uptick compared to the sales volume recorded in the same interval in 2020.