Unprecedented levels of demand over the last couple of years fueled record rent growth through 2022. Average asking rents in Tampa increased by roughly 25% in 2021, more than twice the national average, as the entire Tampa region experienced a fast acceleration in quarterly rent growth. The pace of new development has been brisk over the last three years and will remain so heading into 2023. Annual net deliveries averaged 7,000 across the metro between 2019 and 2021 with another 8,900 new units completed over the last year, and there are still another 15,000 units underway.
