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Tampa Multifamily Real Estate Quarterly Summary

Tampa Multifamily Real Estate Quarterly Summary

August 29, 2022

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 top 10 multifamily markets nationwide as far as rent growth year-over-year in 2021. Last year saw a total sales volume of $5.1B with 139 properties sold (24,845 units) and an average of $197,556.20 sale price per unit. 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 $5.4 billion in sales during 2021. Orlando and Tampa are traditionally the most competitive and lucrative markets in the state for multifamily properties. Additionally rent growth in Tampa is moving upward again with an average rental rate of $1,797 / unit, currently $117 more than the national average. Overall Florida’s metros lead rental increases with Miami, Orlando, and Tampa.

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

Rental Rates Rising: 1.2% on a three-month basis through May 2022

Total Multifamily Units Sold from June 2022 – June 2022: 31,320 Units

Average Price Per-Unit Sold from June 2022 – June 2022: $197,556

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

Average Rental Price / Unit: $1,797


Tampa Multifamily Rental Rates

Rental Average: $1,797 / month in Q2 2022

Projected Year-Over-Year Rental Increase: 8.1% by 2023

Top Tampa Submarkets in Q2 2022 for Transaction Volume (Year-Over-Year):

  • Tampa-Downtown: $746M
  • Tampa-West: $686M
  • Brandon: $497M
  • Davenport: $487M
  • University: $411M
  • St Petersburg-Downtown: $332M
  • Tampa Palms – Pebble Creek: $298M


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

Tampa Artwork - Multifamily Firm

Top Recent Tampa Multifamily Transactions

Tampa Multifamily Properties Sold – Q2 2022

1) Nine15 (Tampa, Florida)
Buyer: Goldman Sachs & Co
Purchase Price: $184M
Price / Unit: $508,287

2) Bleecker Hyde Park (Tampa, Florida)
Buyer: Conti Organization
Purchase Price: $115M
Price / Unit: $444,015

3) Verso (Davenport, Florida)
Buyer: ECI Group
Purchase Price: $86M
Price / Unit: $342,000

4) Allister Place (Tampa, Florida)
Dasmen Residential
Purchase Price: 
Price / Unit: 

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 Downtown at Sunset - Multifamily Firm


Tampa Multifamily Markets by Sales Volume Top-10 Nationwide

Tampa is in the Top-10 for Multifamily Transaction Volume in 2021 compared to all markets nationwide. Florida appears to be a top destination for multifamily real estate investment dollars in general, as Miami and Orlando join Tampa in the Top-10 list as well.

1) Dallas-Fort Worth – Transaction Volume = $14,638,381,314 / Price Per Unit = $171K
2) Atlanta – Transaction Volume = $14,462,137,683 / Price Per Unit = $192K
3) Phoenix – Transaction Volume = $14,412,674,811 / Price Per Unit = $258K
4) Houston – Transaction Volume = $11,059,042,386 / Price Per Unit = $146K
5) Denver – Transaction Volume = $9,771,559,229 / Price Per Unit = $322K
6) Miami – Transaction Volume = $9,310,892,009 / Price Per Unit = $254K
7) Washington D.C. – Transaction Volume = $7,283,430,008 / Price Per Unit = $267K
8) Orlando – Transaction Volume = $5,736,315,365 / Price Per Unit = $215K
9) Tampa – Transaction Volume = $5,397,235,455 / Price Per Unit = $197K
10) Raleigh – Transaction Volume = $5,143,848,320 / Price Per Unit = $215K


Tampa Metro Population & Employment Metrics


Tampa Population Growth

According to U.S. Census estimates Tampa Metro (Tampa- St.Petersburg- Clearwater) has 3,175,275 residents, which is #2 in Florida behind Miami (6,091,747). Tampa Metro’s population also ranks in the Top-20 overall nationwide at #18 with a year-over-year population growth of 1.39%.

Tampa specifically has a population of 395,912, 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 March 2021 to March 2022 the employment rate expanded by 81,000 job (5.0%). Most jobs came from the leisure and hospitality sector (22,000+ jobs) and trade, transport, and utilities represented the next most in job creation (21,500). This is above the national average job growth during that same timeframe +1.7%. Additionally, Tampa’s unemployment rate stayed steady at 2.5%, which is below the national average of 3.5%, 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