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Tampa, FL Night Skyline |
TAMPA, FL -- A resurgent job market, promising demographic
trends, and changing housing preferences are brightening the prospects of
apartment owners in Tampa Bay and will support an additional decline in vacancy
and increase in rents during 2013, according to the second quarter Tampa
Apartment Market report by Marcus & Millichap.
To date, the metro has recovered about half of the jobs lost
during the recession, but some service industries and construction trades
continue to trail overall trends.
As a result, some
softness persists in the operation of older Class C properties that are
typically occupied by wage-earning tenants, though potential performance
upsides remain as the economic recovery widens.
In particular, the
hospitality sector is performing well and homebuilding is also recovering. The
metro also continues to benefit from favorable trends on display across the
entire country.
Younger households
generally prefer rental housing to maintain mobility to pursue job
opportunities, and a general movement of populations from outlying areas to
central locations close to major employers is also under way. Outside the
metro, economic conditions are also improving in Sarasota and Manatee counties.
For a complete copy
of the company’s news release, please contact:
Ben Johnson,
Marketing Director
(925) 953-1736
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