Job Growth Fuels Tampa Apartment Market

TAMPA, FL-Vacancies in the metro area are expected to fall by 10 basis points by yearend to 8.2%, as rising single-family home prices and strong entry-level job growth fuel renter demand, according to a new market study by Marcus & Millichap Real Estate Investment Brokerage Co.

Also firming up the area’s multifamily market is a projected increase of 33,000 jobs by the end of the year, a 2.7% gain and the largest regional employment expansion in four years.

“Business costs and sales prices are lower [in the Tampa area] compared to other regions and help to attract national investors,” says Steven M. Ekovich, the firm’s Florida regional manager. “Increased buyer demand and available capital have helped to raise prices year-to-date, and the higher than normal sales volume is expected to continue through the final months of the year.”