Revenue growth in the Tampa Bay apartment market continues to be impeded by a large – and growing – shadow market of single-family and condo rentals.
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The outlook for revenue growth in the Tampa apartment market is solid, but competition from well-operated rental single-family homes certainly is something to watch.
Tampa Bay is one of the few apartment markets nationally that saw revenue growth levels slow down throughout 2011.
Like most metros across the state of Florida, Tampa isn’t setting the world on fire with the pace of recovery in its apartment sector, but conditions are getting better slowly.
Tampa Bay’s apartment sector finally saw some decent occupancy growth in 2011′s 2nd quarter, but the underlying fundamentals in this market remain concerning.
Recycling apartment sites certainly isn’t a new thing, but that pattern really just emerged during the most recent building cycle in Sun Belt locales across the Southeast and into Texas.
Tampa’s apartment market showed some solid improvement in 2010, but some big concerns remain.
Both occupancy and rents now are headed upward in Tampa’s apartment market. That’s the good news. However, momentum in 2010 to date hasn’t been quite as strong as the results seen elsewhere across the Southeast, and the metro’s future challenges seem a bit steeper than those apparent elsewhere.
The recovery of the nation’s apartment market continued at full steam in the 3rd quarter of 2010, according to preliminary data from MPF Research.