Tampa-St. Petersburg Multifamily Market Report
Influx of Residents Boosts Apartment Demand; Additional Inventory Expands Rental Options
Employment and demographic gains bolster need for rentals. By the end of 2021 all of the jobs lost during the shutdown due to the coronavirus will return provided businesses and schools reopen. In addition, vaccinations should bring tourists back to area beaches and entertainment venues this summer, boosting employment in the hard-hit leisure and hospitality sector. The metro will also benefit from people moving into the region. Tampa-St. Petersburg’s population is expected to expand by more than 27,600 citizens during 2021. This growth coupled with rising home prices and a lack of for-sale inventory will direct many new residents into apartments, generating demand for the wide range of rentals expected to be added to inventory this year.