Tampa, FL Multifamily Market Report | Cushman & Wakefield | Q4 2025

Market Overview

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Tampa Bay delivered 4,804 multifamily units in 2025, down 36.5% from the prior year's record pace, yet supply pressure continued to weigh on fundamentals. Stabilized occupancy fell to 91.0%, the lowest level recorded in over a decade, as Q4 absorption turned negative for the first time since mid-2022. Full-year net absorption totaled just 1,939 units, a 63.1% decline from 2024. Effective rents declined 3.1% year-over-year to $1,828 per unit, with Pinellas County posting the steepest drop at -4.9%. With 7,542 units still under construction, the lowest quarterly construction start count since Q3 2019 signals meaningful supply relief ahead. Investment sentiment remained resilient: total 2025 sales reached $1.7 billion, the second-highest volume in Florida, with the average price per unit climbing to $234,000, supported by investor demand for well-located, stabilized assets.

‍About Cushman & Wakefield

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Cushman & Wakefield is a global commercial real estate services firm with approximately 52,000 employees across 60 countries and $9.4 billion in revenue. Their Tampa Bay Q4 2025 multifamily MarketBeat covers stabilized occupancy, effective rents, net absorption, and investment sales to help owners and investors track conditions across Hillsborough and Pinellas counties. To read the full report, click here.