RENT Magazine, a quarterly publication from the American Apartment Owner’s Association, has published its list of the best U.S. cities for multifamily investment in 2022. It’s no surprise Tampa Bay made this year’s list, but to find what’s making the Tampa Bay region so hot, editors interviewed Franklin Street’s Darron Kattan, Managing Director of Multifamily Investment Sales.
Here’s what Darron had to say:
“The Tampa Bay area has experienced a meteoric rise into
the national investment spotlight in the last couple of years.
Multifamily product remains in extreme demand. Nearly
12,000 units were absorbed in the last 12 months, with more
than 10,000 additional units currently under construction.
Based on the market’s healthy vacancy rate of 3.6% and
significant rent growth of 21.6% year-over-year, Tampa can
easily support its current pipeline of new inventory, and then
Factors contributing to this increasing popularity include
our area’s relentless population growth as people migrate
from the Northeast, as well as its strong economy and
stable employment market. Our area is also attracting global
attention for its premier mixed-use developments, from
Strategic Property Partners’ 50-acre Water Street project
in Downtown Tampa to the proposed redevelopment of St.
Petersburg’s Tropicana Field site.
The market is also quickly turning into Florida’s tech capital,
ranked by Forbes as the No. 1 ‘Emerging Tech City’, which is
bringing new companies and talent to the market”