Why Tampa Bay - CW 2023 Q2_RFS

Multifamily Market Snapshot 164,772 UNITS Tampa Bay Inventory

Q2 2023

EFFECTIVE RENT VS STABILIZED OCCUPANCY RATE

ABSORPTION VS COMPLETIONS

STABILIZED OCCUPANCY RATE Excludes Properties Still In Their Initial Lease-Up Period 93.7%

8.0k

$ 2.0k

100 %

$ 1.8k

6.0k

95 %

$ 1.6k

4.0k

90 %

Effective Rents Increased 43% Over the Past Five Years ENDING Q2 2023 AT $1,842 PER UNIT

$ 1.4k

2.0k

85 %

$ 1.2k

0.0k

2018

2019

2020

2021

2022

2023 YTD

$ 1.0k

80 %

All-Time High 13,984 Units Under Construction

2Q18

2Q19

2Q20

2Q21

2Q22

2Q23

Effective Rent Per Unit

Stabilized Occupancy Rate

Construction Completions

Overall Net Absorption

26,166 Units Delivered SINCE Q2 2018

Over $17.3 Billion In Sales Over The Past 5 Years WITH 2021 SETTING A RECORD $5.1 BILLION

Cushman & Wakefield | Why Tampa Bay

CoStar Data Depicted