Tampa Bay Land Market Overview - Q2-2018
Quarterly Report Q2 - 2018
Identified Supply As of June 24, 2018, Axiometrics has identified 4,737 apartment units scheduled for delivery in 2018, of which, 1,029 have been delivered. As a comparison, there were 4,521 apartment units delivered in 2017. Properties delivered to the market in the last 12 months have achieved an average asking rent of $1,826 per unit, or $1.86 per square foot. Effective rent has averaged $1,721, or $1.75 per square foot, resulting in an average concession value of $-105.08. As a comparison, existing properties in the market had an average asking rent of $1,161 per unit ($1.23 per square foot) and an average effective rent of $1,156 per unit, or $1.22 per square foot, in 1Q18. Concessions for existing properties averaged $-5.01.
Submarket Delivery Schedule
Pipeline Delivery Schedule
Pipeline Lease Up Trend
Sequential
Units Absorbed Asking Rent
Effective Rent
Top Submarkets
2015
2016
2017
Total
Totals
PPM Per Unit
PSF Per Unit
PSF
Brandon/Plant City
204
36
425
665
16
2
$1,281
$1.12
$1,281
$1.12
Central St. Petersburg
338
248
514
1,100
281
12
$2,200 $2.32
$2,167
$2.29
Central Tampa
766
2,334
909
4,009
1,540
14
$2,123
$2.17
$1,954
$1.99
North Hillsborough
177
37
576
790
188
17
$1,403
$1.34
$1,376
$1.32
Pasco County
348
240
772
1,360
166
11
$1,304
$1.32
$1,288
$1.30
Other
1,249
1,626
1,541
4,416
1,173
16
$1,505
$1.55
$1,427
$1.47
Tampa-St. Petersburg- Clearwater, FL
3,082
4,521
4,737
12,340 3,364
13
$1,829
$1.87
$1,724
$1.70
*Based on 2018 deliveries
*Trend Based on trailing 12 month period
TAMPA BAY HOSPITALITY MARKET OVERVIEW
Year to Date May 2018, Tampa/Hillsborough County Hospitality Statistics, Visit Tampa Bay Occupancy Rate 71.5% Room Rates ADR $122.77 Room Expenditures RevPAR $87.79 Supply 689,936 Demand 493,347 Revenue $60,568,268
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