Q3 2019 - Tampa Bay Land Market Overview

Q UA R T E R LY R E P O R T Q3 2019

TAMPA BAY MULTIFAMILY MARKET OVERVIEW AxioMetrics, Inc. Market Performance Summary, Q2-2019, Tampa – St. Petersburg – Clearwater, Florida Metropolitan Statistical Area APARTMENT PERFORMANCE Effective rent increased 2.0% from $1,192 in 1Q19 to $1,214 in 2Q19, which resulted in an annual growth rate of 3.7%. Annual effective rent growth has averaged 2.7% since 2Q96. The market’s annual rent growth rate was above the national average of 3.1%. Out of the 150 markets ranked by RealPage nationally, Tampa-St. Petersburg-Clearwater, FL was 53rd for quarterly effective rent growth, and 56th for annual effective rent growth for 2Q19. The market’s occupancy rate increased from 95.2% in 1Q19 to 95.6% in 2Q19 but was down from 95.8% a year ago. The market’s occupancy rate was below the national average of 96.1% in 2Q19. The market’s occupancy rate has averaged 94.0% since 2Q96.

MARKET SURVEY RESULTS AND FORECASTS Sequential

Month Annual 3Q18 4Q18 1Q18 2Q19 Jun-19 2017 2018 2019F 2020F 2021F 2022F 2023F

Effective Rent Per Unit

$1,192 $1,187 $1,190 $1,214 $1,219 $1,124 $1,173 $1,215 $1,249 $1,264 $1,294 $1,328

Per Sq. Ft.

$1.28 $1.27 $1.28

$1.30

$1.31

$1.21

$1.26 $1.30 $1.34 $1.36 $1.39 $1.43

Effect Rent Growth - Annually Effective Rent Growth - Quarterly

4.9% 4.4% 4.2% 3.7% 2.9% 3.0% 4.4% 3.9% 1.9% 1.8% 2.5% 2.4%

1.8% -0.4% 0.3% 20.%

Occupancy Rate

96.0% 95.4% 95.2% 95.6% 95.8% 95.2% 95.6% 95.6% 96.2% 96.3% 95.8% 95.9%

Occupancy Change - Annually Occupancy Change - Quarterly Economic Concessions Concession Value

0.6% 0.2% -0.1% -0.2% 0.1% 0.3% 0.2% 0.2% 0.4% -0.1% -0.4% 0.4%

0.2% -0.5% -0.3% 0.5%

$27.00 $44.00 $41.00 $33.00 $77.00 $32.25

As a % of Asking Rent

2.3% 3.7% 3.4% 2.8% 6.3% 2.9%

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