Skip to main content

Market Report

Tampa-St. Petersburg Multifamily Market Report

2Q 2022

Elevated Migration Trends Bolster Renter Demand and Investment Activity in Tampa-St. Petersburg

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 more than 11,200 units during this span. Entering the second quarter, availability was at 2.1 percent — the lowest rate in over two decades. The entire metro is experiencing record levels of rent growth, with all 15 submarkets registering gains that exceeded 20 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.
MM Texture Background