Tampa Bay starts fell to 672 units as absorption topped 1,700
Tampa Bay multifamily is working through its supply wave, and the Q3 numbers show a market where new starts have pulled back hard while demand has picked up.
Cushman & Wakefield's Tampa Bay Multifamily MarketBeat for Q3 2026, published Oct 30, puts starts at 672 units, down from a five year peak of 3,104 units. Deliveries were 4,135 units year to date.
Absorption was over 1,700 units through Q3, compared with 160 units a year ago. Stabilized occupancy was 91.6%.
Effective rents were down 1.6% year over year. The average price was $234,000 per unit, up 0.7%, and five year sales volume was $14.2B.
For investors in Florida, one of C&Co.'s target markets, the sequence matters. Starts falling to 672 units while absorption rises above 1,700 units is how a supply overhang clears, but rents are still negative and occupancy at 91.6% leaves no cushion for weak tenant quality.
Underwrite Tampa deals on current effective rents, not on a rent recovery, and keep the strict occupancy and tenant quality screens that apply to Florida metros.
Source: Cushman & Wakefield, Tampa Bay Multifamily MarketBeat, Q3 2026, published Oct 30, 2026.
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