Tampa Bay Multifamily MarketBeat Q1 2026

Tampa Bay's multifamily market delivered 1,059 units in Q1 2026 (down 54.7% year-over-year), with 31 buildings totaling 8,908 units under construction, while stabilized occupancy fell to 91.0%, the lowest level in a decade, and effective rents declined 4.9% year-over-year to $1,806 per square foot. Investment activity remained strong with $2.0 billion in total sales, the second-highest volume in Florida, at an average sale price of $231,000 per unit, though select submarkets including East Tampa (95.5% occupancy) and Downtown Tampa (93.4% occupancy) continued to perform well.