Tampa Bay, FL Multifamily Market Report | Cushman & Wakefield | Q1 2026

Market Overview

‍Tampa Bay's multifamily market entered Q1 2026 with decelerating supply and steady absorption as the region worked through the tail end of its prior construction cycle. Total inventory reached 182,524 units across Hillsborough and Pinellas Counties following 1,059 deliveries during the quarter, down 54.7% year-over-year, while 8,908 units remained under construction, with 56.5% of activity concentrated in Hillsborough County. Net absorption totaled 1,050 units, with Downtown Tampa (311 units), South Tampa (300 units), and East Tampa (174 units) leading the market. Stabilized occupancy fell to 91.0%, the lowest level recorded in the past decade, though East Tampa (95.5%), Downtown Tampa (93.4%), and Northwest Tampa (92.9%) continued to post strong occupancy rates. Effective rents averaged $1,806 per unit, down 4.8% year-over-year, with Pinellas County recording the steepest decline at 5.7% and Hillsborough County down 4.3%. On the investment side, total sales volume reached $2.0 billion year-to-date, the second-highest in Florida, with an average sale price of $231,000 per unit. Notable transactions included Beacon 430 in Downtown St. Petersburg (327 units, $131M) and Niche at North Hyde Park in Downtown Tampa (251 units, $57M).

‍About Cushman & Wakefield

‍Cushman & Wakefield is a leading global commercial real estate services firm with approximately 53,000 employees across more than 350 offices in nearly 60 countries, reporting $10.3 billion in revenue in 2025. Their quarterly Tampa Bay Multifamily MarketBeat report tracks occupancy, absorption, effective rents, deliveries, and construction activity across 11 submarkets in Hillsborough and Pinellas Counties to help owners, developers, and investors assess market conditions and opportunities. To read the full report, click here.