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Market Report

Tampa-St. Petersburg Multifamily Market Report

3Q 2022

Influx of New Residents Warrants Historic Supply Wave in Tampa;
Deal Flow Reaches All-Time High

Rent gains facilitate lower-tier housing demand. Net in-migration to Tampa is outpacing all other Florida metros, resulting in historic levels of renter demand, which is placing significant upward pressure on housing costs. Since 2019, the average effective rent has risen nearly 43 percent, a growth rate that leads all major markets in the nation. With a median household income nearly 14 percent below the national mean, many long-term residents are seeking lower-cost units to cut down on expenses amid widespread inflation. As a result, availability in Class C communities declined by 110 basis points over the past year ending in June to 1.9 percent. Conversely, vacancy in both Class A and B properties increased by 60 basis points. Even with the slight uptick, however, availability in these higher property tiers still remains well below historical norms.
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