Market Spotlight: Tampa
Tampa was at the forefront of the multifamily recovery last year and has similarly typified the challenges of the new environment.
Tampa was at the forefront of the multifamily recovery last year and has similarly typified the challenges of the new environment.
With the end of the year approaching, it is time for a check-in on the multifamily new construction pipeline.
Average occupancy has been on the decline in recent months, but thanks to last year’s apartment demand, plenty of cushion remains.
Even with continued difficulties for new construction, more than 100,000 new units were delivered across the US through April.
The multifamily new construction pipeline continues to grow, but so too does the average construction duration.
The new construction pipeline has already delivered nearly 250,000 new units this year, but construction times continue to rise.
Despite persistent challenges, the construction pipeline continues to deliver new units at a torrid pace.
The Orlando market was especially impacted in 2020, but the area is off to a blazing start to 2021.
Rising costs and construction delays are increasingly a story in multifamily, but new supply volume continues to be higher than in recent years.