Fundamentals Moderate, Remain Healthy
Tampa’s multifamily fundamentals slowed down, but remained healthy amid persisting volatility. Short-term rent movement slid back into negative territory, down 0.1% on a trailing three-month basis, on par with the U.S. rate, as noted in the national multifamily market outlook. Meanwhile, the occupancy rate in stabilized properties declined 40 basis points year-over-year through August, to 94.5%, which points to still healthy demand.
In the 12 months ending in July, Tampa’s employment market added 58,400 jobs, for a 4.0% expansion, well ahead of the 2.6% U.S. figure. Tampa also outperformed the U.S. in unemployment levels, at 3.2% in August, while the nation stood at 3.8%, according to Bureau of Labor Statistics data. Despite the steady performance, two of Tampa’s employment sectors lost positions—financial activities and information—for 4,000 jobs combined. Education and health services (23,800 jobs) and professional and business services (13,100 jobs) led growth. Both sectors point to a positive outlook, with the final phase of the Tampa Convention Center’s renovation completed this summer and several hospital projects recently delivered or underway.
Developers delivered 6,774 units in 2023 through September and had another 17,697 under construction. Projects slated for completion by year-end could make 2023 the best year on record for deliveries. Meanwhile, investors traded $1.2 billion in multifamily assets, for a price per unit that declined 15.8%, to $196,372.
Read the full November 2023 report
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