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Investor Insight for the Tampa Apartment Market

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Apartment Loans TampaMultifamily apartments in Tampa, Florida are in high demand. Many tourists who visit the Sunshine State are likely to become residents. This is welcoming information for investors who are interested in the Tampa apartment market.

Living in Tampa, FL

Tampa is the third largest city in the state of Florida.

Residents are not required to pay any state income taxes.

Housing costs are rather affordable in Tampa.

Busch Gardens is a major attraction for tourists and for area residents. The African-themed park boasts 335-acres of adventures within the city of Tampa.

The proximity to beaches in St. Petersburg, FL and Clearwater, FL are excellent for folks who enjoy water activities, such as boating, fishing, swimming or cruising on jet skis. 

While Florida has top college teams and professional sports teams, Tampa has several major sports teams, such as the NHL Tampa Bay Lightning, the MLB Tampa Bay Rays and the NFL World Champion Tampa Bay Buccaneers. 

Apartment Rental Rates in Tampa, FL

According to RentCafe, $1,432 is the average apartment rent in Tampa. 

This rental rate represents a five percent increase above the cost of rent for the previous year. 

The most affordable areas in Tampa have an average rental rate of $1,106 and the more expensive areas of Tampa have an average rental rate of $2,140.   

Statistical Data for Tampa, FL

As of July 1, 2019, the estimated population for Tampa, Florida was 399,700. This represented an 18.9 percent increase above the estimated population of 335,709 that the U.S. Census Bureau reported on April 1, 2010.

The median household income in Tampa was $53,833 in 2019.

44 percent of Tampa’s residents consist of renters.

Multifamily Property Data for Tampa, FL

According to NorthMarq, the Tampa multifamily market was stable for the second half of 2020. Vacancy rates increased 50 bps and ended the year at 5.3 percent. 

Investment activity markedly increased toward the end of 2020.

30 percent of the fourth quarter sales were for transactions that exceeded $75,000,000 and half of the transactions were above $50,000,000.

8,103 multifamily units were under construction in the fourth quarter of 2020 and 2,208 units were delivered. 

The median sales price per unit was $152,800 for the same quarter in 2020.   

Newly constructed properties garnered more than $230,000 per unit.

Year-to-date cap rates for multifamily properties in Tampa were 4.8 percent 

Outlook for The Tampa Apartment Market

NorthMarq also reported that Amazon is heavily invested in Tampa and the surrounding areas. Amazon signed several leases for more than one million square feet and additional developments are underway, which should bring thousands of new jobs to Tampa in the years ahead.

Investors who are aware of the need for additional housing might be able to capitalize on the economic opportunities. Thousands of well-paying jobs at a solid company in Tampa could be rewarding for multifamily housing investors, too. 

With strong employment prospects, close proximity to some of the best beaches in the country and many family-oriented venues, the Tampa apartment market appears to offer favorable conditions for multifamily investors.

Applying for an Apartment Loan in the Tampa Market Area

When multifamily apartment buyers are searching for quality assets to add toward an investment portfolio, the inability to access a sufficient amount of capital may delay or prevent certain transactions from closing.

Well prepared apartment investors who have spoken with a commercial mortgage lender about niche-oriented financing may be able to quickly submit an offer for select properties.

Direct Apartment Lenders offers competitive financing for multifamily properties that meet our performance-based requirements. 

We work with investors from around the country who are seeking apartment loans for properties with up to 100 units.

Borrowers can apply for an apartment loan to finance the acquisition cost for a variety of commercial property types, such as duplex properties, triplex properties, quadplex properties and for apartment buildings with five or more units.

No bank statements are required from the investor to purchase or refinance an apartment complex or an apartment building.

Whether an income-producing property is located in Tampa or in other markets, fast financing is available for apartments that meet our minimum and our maximum loan requirements, which are $100,000 and $5,000,000, respectively.

Tax returns can delay a loan approval or may cause a bank to deny the funding for an apartment building. 

However, we can help investors in this regard, as our lending guidelines do not require any personal tax returns or business tax returns to approve an apartment loan. 

Investors are invited to get a quote online today for an apartment loan without any bank statements or any tax returns. 

This reduced documentation enables us to close apartment loans in less than 45 days versus the 60-day to 90-day time frames that many lenders need to provide funding for a commercial loan.

A quick assessment from one of our loan officers could help an investor understand the items are needed to qualify for an apartment loan.

Contact Direct Apartment Lenders to get more information about our nationwide loans for income-producing properties.   

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