Job Growth Fuels Tampa Apartment Market

TAMPA, FL-Property owners in this west Central Florida area are headed for a solid year in rents and sales, according to a new market analysis by Marcus & Millichap Real Estate Investment Brokerage Co.

The Tampa metropolitan statistical area is expected to record 2.4% employment growth in 2004, a gain of 30,000 jobs. That activity “will fuel demand for apartments as the market for first-time homeowners will also begin to lose steam,” says Hessam Nadji, managing director, research services at Marcus & Millichap.

Institutional and private investors are noting the new trend already as per-unit prices rose to $48,000 in 2003 from $46,000 in 2002. Hillsborough County is outpacing Pinellas County in sales activity, garnering 60% of the metro area’s sales volume. The average property sold in Hillsborough had 150 units compared to 75 units in Pinellas.