Wednesday, April 24, 2013

Marcus & Millichap Finds Low Interest Rates, Tight Vacancy Garner Notice in Tampa Bay Apartment Market




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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