Tampa Bay Land Market Overview - Q2-2018

Quarterly Report Q2 - 2018

Identified Supply As of June 24, 2018, Axiometrics has identified 4,737 apartment units scheduled for delivery in 2018, of which, 1,029 have been delivered. As a comparison, there were 4,521 apartment units delivered in 2017. Properties delivered to the market in the last 12 months have achieved an average asking rent of $1,826 per unit, or $1.86 per square foot. Effective rent has averaged $1,721, or $1.75 per square foot, resulting in an average concession value of $-105.08. As a comparison, existing properties in the market had an average asking rent of $1,161 per unit ($1.23 per square foot) and an average effective rent of $1,156 per unit, or $1.22 per square foot, in 1Q18. Concessions for existing properties averaged $-5.01.

Submarket Delivery Schedule

Pipeline Delivery Schedule

Pipeline Lease Up Trend

Sequential

Units Absorbed Asking Rent

Effective Rent

Top Submarkets

2015

2016

2017

Total

Totals

PPM Per Unit

PSF Per Unit

PSF

Brandon/Plant City

204

36

425

665

16

2

$1,281

$1.12

$1,281

$1.12

Central St. Petersburg

338

248

514

1,100

281

12

$2,200 $2.32

$2,167

$2.29

Central Tampa

766

2,334

909

4,009

1,540

14

$2,123

$2.17

$1,954

$1.99

North Hillsborough

177

37

576

790

188

17

$1,403

$1.34

$1,376

$1.32

Pasco County

348

240

772

1,360

166

11

$1,304

$1.32

$1,288

$1.30

Other

1,249

1,626

1,541

4,416

1,173

16

$1,505

$1.55

$1,427

$1.47

Tampa-St. Petersburg- Clearwater, FL

3,082

4,521

4,737

12,340 3,364

13

$1,829

$1.87

$1,724

$1.70

*Based on 2018 deliveries

*Trend Based on trailing 12 month period

TAMPA BAY HOSPITALITY MARKET OVERVIEW

Year to Date May 2018, Tampa/Hillsborough County Hospitality Statistics, Visit Tampa Bay Occupancy Rate 71.5% Room Rates ADR $122.77 Room Expenditures RevPAR $87.79 Supply 689,936 Demand 493,347 Revenue $60,568,268

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