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Tampa Multifamily Real Estate Summary: Q4 2019

Tampa Multifamily Real Estate Summary: Q4 2019

January 21, 2020


Tampa’s Multifamily Real Estate Market

Multifamily properties in premium locations are a hot commodity for real estate investors. Finding the right apartment complex or other multifamily property to generate the best possible returns requires a deep knowledge of the industry and the specific region where the property is located.

The Tampa / St Petersburg, Florida multifamily market is considered #4 in the nation for apartment building investments according to This is due to several favorable factors: employment growth, rent growth, vacancy rates, and construction of new units.

Additionally, CoStar reported that Tampa topped $3.6 billion in sales during 2019, making it the first multifamily market in Florida to break the $3 billion ceiling. Orlando and Tampa are traditionally the most competitive and lucrative markets in the state for multifamily properties. Tampa’s historic year was propelled by luxury property sales, that accounted for around 60% of the total sales for the year.

The Multifamily Firm investigates the top statistics in Tampa’s multifamily real estate market every quarter. This report includes the latest multifamily property statistics, population growth, and employment market changes.

Tampa Multifamily Real Estate Statistics

Construction of New Units Year-Over-Year: 3,500 Units

Rent Growth Year-Over-Year: +7.3%

Vacancy Rate Year-Over-Year: -0.10%

Tampa Multifamily Rental Rates

Rental Average: $1,278 / month in Q4 2019 (compared to $1,476 national average, ~15% less) vs $1,265 in Q3 2019

Year-to-Date Difference (as of December 2019): +2.9% (compared to +3.2% nationwide)

Notable Rental Rates in Tampa Submarkets in Q4 2019 with year-over-year growth %:

  • Upper St Petersburg: $1,231 (+9.4%)
  • Largo: $1,134 (+7.6%)
  • Town ‘N’ Country: $1,154 (+7.5%)
  • Pinellas Park: $1,315 (+7.1%)
  • Oldsmar: $1,352 (+6.7%)

Top Recent Tampa Multifamily Transactions


Tampa Multifamily Properties Sold – Q4 2019

1) Anchor Riverwalk (Tampa, Florida)
Buyer: The Connor Group
Purchase Price: $123M
Price / Unit: $312,183

2) 500 Harbour Island (Tampa, Florida)
Buyer: Northwestern Mutual Real
Purchase Price: $103M
Price / Unit: $440,213

3) The Courtney at Bay Pines (St Petersburg, Florida)
Buyer: General Services Corp.
Purchase Price: $85M
Price / Unit: $258,000

4) The Boot Ranch (Palm Harbor, Florida)
Providence Real Estate
Purchase Price: 
Price / Unit: 

Tampa Multifamily Properties Sold – Q3 2019

1) The Boot Ranch (Palm Harbor, Florida)
Buyer: Providence Real Estate
Purchase Price: $80M
Price / Unit: $185,185

2) Sole at Brandon (Riverview, Florida)
Buyer: Nuveen Real Estate
Purchase Price: $78M
Price / Unit: $211,749

3) The Marquis of Tampa (Tampa, Florida)
Buyer: Axonic Properties
Purchase Price: $61M
Price / Unit: $171,186

4) The Addison at Tampa Oaks (Temple Terrace, Florida)
Buyer: TM Real Estate Group
Purchase Price: $54M
Price / Unit: $207,061

Tampa Metro Population & Employment Metrics


Tampa Population Growth

According to U.S. Census estimates as of 2017 Tampa Metro (Tampa- St.Petersburg- Clearwater) has 3,091,399 residents, which is #2 in Florida behind Miami (6,158,824). Tampa Metro’s population also ranks in the Top-20 overall nationwide at #18.

Tampa specifically has a population of 392,890, which is #3 in Florida, and has had a steadily growing population since 1990. It has grown an average of 2% per year, which is better than the national average of 1.5%.

Tampa Employment Statistics

Year-over-year, from June 2018 to June 2019, Tampa added 35,000+ jobs, which represented an increase of 2.1%. This is above the national average job growth during that same timeframe +1.7%. Additionally, Tampa’s unemployment rate stayed steady at 3.1%, which is below the national average of 3.6%, and one of the lowest rates hit in Tampa metro in many years.

Data Sources: The Multifamily Firm, World Population Review, CoStar, Multifamily.Loans & Yardi Matrix