Florida Multifamily Commercial Real Estate Activity 2025
The Tampa multifamily market starts 2025 on the heels of a historic supply wave that had cascading effects on several fundamentals. Overall, demand conditions improved in 2024 but were unable to keep up with the record pace of new completions. Roughly 12,500 units were completed in 2024, shattering the previous record set in 2022 by more than 4,000 units. At the same time, Tampa’s absorption rate surpassed even that of 2021, with roughly 9,500 units absorbed. However, the gap between supply and demand has caused vacancies to hover around decade highs, and it now sits at 9.2%, well above the U.S. vacancy rate of 8.0%.
The run-up in demand, especially over the back half of 2024, emboldened landlords to start pushing rental rates again. All told rents are up 1.3% year over year to $1,850/month, a stark improvement from the five-quarter streak of rental rate decline recorded between 2Q2023 and 3Q2024. Rent growth shifted into positive territory following back-to-back hurricanes that rocked the Tampa market in late September into early October. Property managers noted a sizable uptick in demand from displaced residents needing housing as their homes or apartments are repaired. That trend was also seen in the daily rent series, an indicator of real-time demand. Over the month of October, rents increased by 1%. In comparison, the series decreased by 0.5% over the month of September. Rents continued to rise, albeit slightly, through the end of the year.
Far fewer units are expected to be completed in 2025 and 2026, and the gap between supply and demand should start to narrow. The 12,000 units under construction will put upward pressure on vacancies here but to a much lesser extent than in years past. Rent growth will likely hover around 3% on an annual basis over the course of 2025, well below the 10-year average annual growth rate of 5%.
You can view our commercial properties in Tampa and elsewhere in the Florida market to see what’s available for lease and for sale at the moment.
Tampa Multifamily Real Estate Construction Highlights Q1 2025
- Units Delivered Last 12 Months: 10,837
- Units Currently Under Construction: 12,023
- % of Inventory: 5.0%
- Average # of Units / Property: 273
* Data is courtesy of CoStar Group Inc.
Tampa Multifamily Real Estate Under Construction in Q1 2025
1)Vista Walk / St. Joe II – Ramsey Rd
Rating: 3*
Units: 500
Stories: 1
Start Date: January 2024
Completion Date: January 2027
Developer: – New Strategy Holdings, LLC
Owner: Not Listed
2) MAA Breakwater – 5440 W Tyson Ave
Rating: 4*
Units: 495
Stories: 5
Start Date: May 2023
Completion Date: January 2025
Developer: – Mid-American Apartment Communities
Owner: Mid-American Apartment Communities
3) MAA Breakwater – 5440 W Tyson Ave
Rating: 4*
Units: 415
Stories: 5
Start Date: April 2022
Completion Date: December 2025
Developer: – Stock Development
Owner: Stock Development
4) Bainbridge Wesley Chapel – 32511 Sugarplum Loop
Rating: 5*
Units: 411
Stories: 4
Start Date: August 2024
Completion Date: August 2026
Developer: – The Bainbridge Companies
Owner: PCCP
5) Cobalt Apartments – 4434 Cobalt Brook Blvd
Rating: 5*
Units: 401
Stories: 4
Start Date: August 2022
Completion Date: September 2024
Developer: – Flournoy Companies
Owner: Flournoy Companies
6) Marina Club – 4311 34th St S
Rating: 3*
Units: 400
Stories: 8
Start Date: October 2022
Completion Date:December 2024
Developer: – Skanska USA Building, Inc
Owner: Marina Walk, LLC
7) Linz Bayview – 2975 Gulf To Bay Blvd
Rating: 4*
Units: 398
Stories: 5
Start Date: April 2022
Completion Date: April 2024
Developer: – Davis Development
Owner: Davis Development
8) Ascend Mirada – 11608 Ascend Mirada Blvd
Rating: 4*
Units: 390
Stories: 4
Start Date: November 2023
Completion Date: January 2025
Developer: – D.R. Horton
Owner: D.R. Horton
9) MetWest Apartments – 4050 W Boy Scout Blvd
Rating: 4*
Units: 375
Stories: 8
Start Date: September 2024
Completion Date:June 2026
Developer: – Zom, Inc.
Owner: MetLife, Inc
10) Cottages at Brandon – 507 S Lakewood Dr
Rating: 4*
Units: 360
Stories: 3
Start Date: January 2024
Completion Date: March 2025
Developer: – Rotunda Land & Development LLC
Owner: American Landmark
Tampa Multifamily Sales Activity in Q1 2025
Tampa’s multifamily market is the most transacted in Florida, with a total sales volume of $2.3 billion over the past year. After a slow start to 2024, investment sales activity picked up in the second quarter, and that momentum carried through the remainder of the year.
The market saw a resurgence in large-scale transactions, with over 20 for over $50 million, up from 13 in 2023. In addition, 2024 saw four $100 million-plus trades.
The largest was the $144.5 million acquisition of two properties, Lantana and Sage, at Cypress Cay. The 4-Star properties were purchased by a partnership of two local investment firms, Argyle Real Estate Partners and Sembler Investments from RangeWater Real Estate. At roughly $250,000/unit, these properties traded at approximately the average per-unit price that other 4 & 5 Star properties sold for in 2024.
In comparison, properties in more urban areas like Downtown Tampa or Downtown St Petersburg traded at a more significant premium in 2024.
You can view our commercial properties, including multifamily assets in Tampa and elsewhere in Central Florida to see what’s available for lease and for sale at the moment.
Key Tampa Multifamily Real Estate Sales Statistics Q1 2025
Sales Comparables: 120 Assets
Average Price / Unit: $215,000
Average Price / Sale: $21,800,000
Average Vacancy During Sale: 8.6%
Significant Multifamily Sales in Tampa Q3 2024
1) The Pointe on Westshore – 4950 W Prescott St
Rating: 4*
Year Built: 2021
Units: 444
Vacancy: 8.8%
Sale Date: 4/30/24
Price: $134,000,000
Price/Unit: $301,801
Price/SF: $220
2) Cortland Lakecrest – 10420 N McKinley Dr
Rating: 4*
Year Built: 2008
Units: 464
Vacancy: 5.4%
Sale Date: 12/17/2024
Price: $114,250,000
Price/Unit: $246,228
Price/SF: $182
3) The Sands at Clearwater – 2168 Druid Rd
Rating: 4*
Year Built: 2014
Units: 240
Vacancy: 1.3%
Sale Date: 2/28/2025
Price: $105,171,000
Price/Unit: $438,212
Price/SF: $432
4) Amira at Westly – 6105 Paddock Glen Dr
Rating: 3*
Year Built: 1999
Units: 408
Vacancy: 7.1%
Sale Date: 10/31/2024
Price: $103,000,000
Price/Unit: $252,450
Price/SF: $276
5) Windsor Clearwater – 2031 Glass Loop
Rating: 4*
Year Built: 2023
Units: 396
Vacancy: 16.7%
Sale Date: 11/13/2024
Price: $89,740,000
Price/Unit: $226,616
Price/SF: $267
Take a look at our featured Tampa multifamily properties for sale, as well as a variety of other Tampa commercial real estate properties that are currently available. You can also contact the Bounat team to start your own Central Florida property search.
* Data is courtesy of CoStar Group Inc.