The Tampa Bay multifamily market is experiencing a historic supply wave, and some areas are being affected more than others. Over 12,500 units will be completed in 2024, shattering the previous record set in 2022 by more than 4,000 units. Three areas in Tampa Bay have seen more construction than others, resulting in near-record high vacancy rates: Pasco County, Southeast Tampa and downtown Tampa.
These areas in Tampa Bay are seeing the largest multifamily vacancy increases
Historic levels of new supply far outpacing renter demand
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