Receive Complimentary Property Valuation

❮ Back to News

Tampa Multifamily Real Estate Quarterly Summary

Tampa Multifamily Real Estate Quarterly Summary

September 28, 2021

Tampa’s Multifamily Real Estate Market

Multifamily properties in premium locations are a hot commodity for commercial 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.

Tampa is one of the leading multifamily markets nationwide as far as rent growth year-over-year nationwide with a +6.8% growth since 2020. Additionally, 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.

Key Tampa Multifamily Real Estate Statistics

Multifamily Units Under Construction in Tampa as of May, 2021: 17,287 Units

Total Multifamily Units Sold from May 2020 – May 2021: 22,189 Units

Average Price Per-Unit Sold from May 2020 – May 2021: $149,925

Rent Growth Year-Over-Year: +6.8% (Compared to +4.6% in Q4 2020)

Average Rental Price / Unit: $1,382 ($1,337 in Q4 2020, +3.4% comparatively)


Tampa Multifamily Rental Rates

Rental Average: $1,382 / month in Q2 2021 (compared to $1,428 national average, ~3.2% less) vs $1,337 in Q4 2020

Rental Rates Year-to-Date Difference (as of May 2021): +6.8%


Tampa Multifamily Property Transaction Statistics

Top Tampa Submarkets in Q2 2021 for Transaction Volume (Year-Over-Year):

  • Safety Harbor: $312M
  • Land O’Lakes / Odessa: $200M
  • Lake Magdalene: $195M
  • Mainlands: $176M
  • Downtown St Petersburg: $166M
  • Feather Sound / High Point: $148M
  • Pinellas Park: $127M


Top Tampa Submarkets in Q4 2020 for Transaction Volume (Year-Over-Year):

  • Mainlands: $240M ($165M in Q3 2020)
  • Safety Harbor: $208M
  • Land O’Lakes / Odessa: $182M
  • Downtown Tampa / Ybor City: $178M ($243M in Q3 2020)
  • University of South Floria: $153M
  • Lakeland Highlands: $114M ($142M in Q3 2020)
  • Feather Sound / High Point: $105M

Top Recent Tampa Multifamily Transactions

Tampa Multifamily Properties Sold – Q2 2021

1) Lake Shore Club (Tampa, Florida)
Buyer: Covenant Capital Group
Purchase Price: $77M
Price / Unit: $120,690

2) Cortona South Tampa (Tampa, Florida)
Buyer: LivCor
Purchase Price: $77M
Price / Unit: $255,000

3) The Rosery (Largo, Florida)
Buyer: Blackstone Group
Purchase Price: $52M
Price / Unit: $233,929

4) Sabal Palm at Carrollwood (Tampa, Florida)
TruAmerican Multifamily
Purchase Price: 
Price / Unit: 

Tampa Multifamily Properties Sold – Q4 2020

1) Trellis at the Lakes (St Petersburg, Florida)
Buyer: Varia US Properties
Purchase Price: $114M
Price / Unit: $165,689

2) Bayside Arbors (Clearwater, Florida)
Buyer: The Connor Group
Purchase Price: $93M
Price / Unit: $213,876

3) Swan Lake (Tampa, Florida)
Buyer: Covenant Capital Group
Purchase Price: $83M
Price / Unit: $128,906

4) Radius Palms (Tampa, Florida)
Bridge Investment Group
Purchase Price: 
Price / Unit: 

Tampa Multifamily Properties Sold – Q3 2020

1) Veranda at Westchase (Tampa, Florida)
Buyer: Bridge Investment Group
Purchase Price: $70M
Price / Unit: $180,641

2) 930 Central Flats (St. Petersburg, Florida)
Buyer: White Oak Partners
Purchase Price: $64M
Price / Unit: $293,578

3) Anthem Clearwater (Clearwater, Florida)
Buyer: Ashcroft Capital
Purchase Price: $56M
Price / Unit: $134,014

4) The Ava (Tampa, Florida)
TLR Group
Purchase Price: 
Price / Unit: 


Tampa Multifamily Properties Sold – Q2 2020

1) Nine15 (Tampa, Florida)
Buyer: Blaze Partners
Purchase Price: $120M
Price / Unit: $331,492

2) Bainbridge at Westshore Marina (Tampa, Florida)
Buyer: Starlight Investments
Purchase Price: $100M
Price / Unit: $284,900

3) The Slade at Channelside (Tampa, Florida)
Buyer: UDR
Purchase Price: $85M
Price / Unit: $323,194

4) Dunedin Commons (Dunedin, Florida)
Westdale 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 Multifamily Transaction Volume Top-10 Nationwide

Tampa is in the Top-10 for Multifamily Transaction Volume in 2020 compared to all markets nationwide. Florida appears to be a top destination for multifamily real estate investment dollars in general, as Miami joins Tampa in the Top-10 list as well.

1) Phoenix – Transaction Volume = $5,879,700,000 / Price Per Unit = $187K
2) Dallas – Transaction Volume = $5,501,800,000 / Price Per Unit = $129K
3) Washington D.C. – Transaction Volume = $5,468,200,000 / Price Per Unit = $235K
4) Atlanta – Transaction Volume = $5,253,500,000 / Price Per Unit = $142K
5) Denver – Transaction Volume = $4,435,800,000 / Price Per Unit = $247K
6) Charlotte – Transaction Volume = $2,959,300,000 / Price Per Unit = $158K
7) Tampa – Transaction Volume = $2,518,900,000 / Price Per Unit = $156K
8) Austin – Transaction Volume = $2,387,300,000 / Price Per Unit = $161K
9) Miami – Transaction Volume = $2,333,200,000 / Price Per Unit = $224K
10) Houston – Transaction Volume = $2,328,200,000 / Price Per Unit = $113K

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 added 282,000 residents from 2014 to 2019, which is a growth of nearly 10%, and 3.1% above the national average population growth.

Furthermore, Tampa’s population is estimated to reach nearly 4 million residents by 2040, which would mean a 25%+ increase compared to the current population forecasts in 2020.

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.

However, as of July 2020, the unemployment rate rose to 11.3% in Florida and 10.1% in metro Tampa, which is actually 10 basis points below the national average. It is also 3% lower than the peak unemployment reached in April at 13.2%.

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