Tampa Multifamily Market Report – November 2023

Fundamentals Moderate, Remain Healthy Tampa’s multifamily fundamentals slowed down, but remained healthy amid persisting volatility. Short-term rent movement slid back into negative territory, down 0.1% on a trailing three-month basis, on par with the U.S. rate. Meanwhile, the occupancy rate in stabilized properties declined 40 basis points year-over-year through August, to 94.5%, which points to still healthy demand. In the 12 months ending in July, Tampa’s employment market added 58,400 jobs, for a 4.0% expansion, well ahead of the 2.6% U.S. figure. Tampa also outperformed the U.S. in unemployment levels, at 3.2% in August, while the nation stood at 3.8%,