Tampa, FL Multifamily Market Report Q2 2026
Tampa Slides as Rent Growth Reverses and Vacancy Climbs
Demand
Vacancy jumped to 5.65% in Q2, up 84bps YoY, one of the largest market declines even though it eased slightly from 6.02% in Q1. Rent fell to $1,791, down 3.16% YoY, a sharp reversal from the +2.14% growth recorded just a year ago and one of the steepest swings from positive to negative in this dataset. Net absorption of 2,838 units was down 7.2% from a year ago, and with a construction pipeline that reportedly expanded again earlier this year even as deliveries elsewhere in the Sunbelt were slowing, Tampa’s supply-demand imbalance looks likely to persist longer than in most peer markets.
Supply
Tampa delivered a record 13,143 units in 2024, and the market is still working through what that wave left behind. The TTM completions have fallen 35.9% to 7,244 units, and units under construction have dropped to 10,083, just 3.31% of inventory and less than half the 7.44% peak from Q1 2023.
Investment Market
Investment activity in Tampa has pulled back. The TTM volume fell 29.8% to $1.88B, and Q2’s $229.2M was down 71.8% from a year ago, one of the steepest single-quarter declines. Cap rates have held fairly steady near 5.61%, while price per unit is essentially flat at $206,832, about 6.0% below the 2022 peak of $220,012. This is one of the smaller pricing gaps in this set, suggesting valuations have held up better than the operating fundamentals underneath them.
The gap between resilient pricing and weakening fundamentals is worth watching. Either operations improve to catch up to current valuations, or pricing eventually has further to fall.
Volume
- $1.9B TTM volume (-30% YoY)
- Q2 2026: $229M (-72% YoY)
- Large deals earlier in the year mask how quiet the market has become
Pricing
- Cap rate 5.61%
- Price per unit $207k
- Pricing has held better than fundamentals
