MARKET SNAPSHOT

Tampa Q1 2026

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AVERAGE RENT

$1,754 Q1 2026

OCCUPANCY RATE

91.2% Q1 2026

NET ABSORPTION

4,007 T4Q

ANNUAL RENT CHANGE

-4.1% Q1 2026

ANNUAL OCCUPANCY CHANGE

-180 BPS

UNIT COMPLETIONS

6,353 T4Q

KEY TAKEAWAYS

Tampa absorbed 1,158 units in Q1 2026, nearly double Q4 2025's pace, though trailing 12-month absorption of 4,007 units still lags the 6,353 units delivered, keeping lease-up competition elevated across the metro.

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The delivery wave is subsiding. Completions fell 47% year-over-year to 6,353 units, but 13,570 units (5.5% of inventory) remain under construction. Starts have declined to 7,202 units from 9,598 one year ago, signaling a late-cycle supply environment.

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Effective rents of $1,754 per unit reflect a 4.1% year-over-year decline, though Q1's 0.2% sequential gain marks the first positive quarter in roughly a year.

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MARKET OUTLOOK

Tampa is navigating the late stage of an aggressive supply cycle, and the data increasingly points toward an inflection. The 47% year-over-year decline in completions...

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