Completed new apartments last year total 6,469 but only 2,720 units were rented. In the fourth quarter, a scant 660 units were rented. Average occupancy dropped 1.9 percentage points to 93.6%.

But those dismal numbers don't faze M/PF Research Director Gregg Willett, largely because Tampa was still adding renters in late 2001 while other major metro centers were either stagnant or losing tenants.

"Tampa Bay still is producing new jobs at an enviable pace," Willett tells GlobeSt.com. That translates to new household formations while "renters in numerous metros with weaker economies exhibit an increasing tendency to double up into roommate households or move in with relatives."