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Gulf Coast Apartment Opportunities Abound

TAMPA, FL-Investors should fare better once the region's housing downturn rebounds.

By Carl Cronan | Updated on February 04, 2009

(Carl Cronan is editor of Real Estate Florida.)

TAMPA, FL-The housing crisis along the Gulf of Mexico coastline appears to present an advantage for apartment landlords. As underwriting on home mortgages becomes more restrictive, the longer tenants have to stay put and continue writing monthly rent checks.

This trend will likely benefit owners of class A apartment complexes in Tampa, St. Petersburg and surrounding cities, according to a research report by Marcus & Millichap. However, the firm forecasts an areawide vacancy rate of nearly 10% this year, while asking rents are expected to fall a full percentage point to $834 per month.

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