The Tampa Metro economy has remained resilient in recent years and remains one of the strongest in Florida. Both job and population growth have been the leading indicators of the market’s success. Over the past decade, Tampa’s population has increased by over 412,000 people or approximately 790 new residents per week. The area’s population is projected to continue to expand, albeit at a slower pace than recorded recently. Oxford Economics predicts population gains to average 1% through 2026.
The Tampa Metro’s overall apartment vacancy has ticked up 1.7% year-over-year to 7.7% as of Q2 2023 following a significant recent supply wave. Around 7,000 new units were completed over the past year, and there are still another 20,000 units underway, the highest number of active units in Tampa’s history. The current pipeline represents a 9.4% increase in existing inventory, significantly higher than the national average of 5.6%.