Capstone Apartment Partners is pleased to present its Tampa, FL Summer 2015 Market Report. The Tampa Bay MSA continues to thrive. Over the past year, 32,900 jobs have been added to the area causing an increase in demand for multi-family units. With new developments coming to the area, it is expected that the Tampa Bay market will continue to add hundreds of jobs to the area and improve economically.
The current vacancy rate for the Tampa market has improved slightly over the past six months to 4.2%. Demand for apartments remains strong with 3,223 units absorbed over the past six months and a total of 5,639 absorbed over the past year. With 5,000 units under construction and an additional 6,700 units proposed. Market experts anticipate the occupancy rate will remain steady throughout the next 12-18 months, with the region also experiencing a 2.0% – 3.0% rent growth over the coming 12 months.