Tampa-St. Petersburg Multifamily Market Report

Fundamentals still firm. Recently elevated construction was focused in the New Tampa-East Pasco County area, which welcomed nearly 3,200 units last year, followed by the Brandon-Southeast Hillsborough County area with 2,300. This influx of new supply was met with record levels of demand. Metrowide net absorption exceeded 4,700 units in each of the past two quarters, driven by strong household formation, in-migration that ranked eighth in the nation and displaced residents finding new housing after the 2024 hurricanes. Looking ahead, potential nonrenewals from these renters could soften demand, though this may be off set by completions falling to just over half of 2024’s total. The aforementioned submarkets and West Pasco-Hernando will still receive most of the new supply.