Investment Read
The 2 bedroom is the type carrying the neighborhood's premium, and it is holding it. The $2,034 median at which 2 bedrooms leased over the last 180 days sits 11.6% under the $2,300 asking median, yet none of the 73 two bedroom listings tracked over that window took a price cut, only 1 carries a concession, and the 6 that leased in September closed at a median $2,300 after an average of 12 days on the market. Leased rents are up 11.5% year over year, from $1,995 to $2,225. Square footage is being paid for: 2 bedrooms of 1,200 square feet and up average $2,526 against $2,177 for 900 to 1,199 square feet and $1,848 for 600 to 899 square feet. The top of the current list is $3,850, and the 25th to 75th percentile range runs $1,944 to $2,500. The one soft reading is the newest inventory: 2 bedrooms listed in the last 30 days came in at a $2,097 median on 8 listings, 10.7% under the prior 30 days' $2,348.
The 1 bedroom is leasing above its ask. The $1,650 median at which 1 bedrooms leased over the last 180 days sits 3.1% above the $1,600 asking median, leased rents are up 15.5% year over year, from $1,450 to $1,675, and the 5 that leased in September closed at a median $1,799 after an average of 21 days on the market. New asks are flat: 1 bedrooms listed in the last 30 days came in at $1,600, the same as the prior 30 days, and 3 of the 54 one bedroom listings tracked over 180 days took a price cut. The 600 to 899 square foot 1 bedroom, which is 34 of the 42 with a published size, averages $1,623. An owner with 1 bedroom units under $1,600 is below both the asking median and the leased median, and the 25th to 75th percentile range of $1,456 to $1,800 leaves room up to $1,800 for a unit in good condition.
Studios are too few to price with confidence. There are 5 on the market at a $1,830 median, in a 25th to 75th percentile range of $1,589 to $1,951, and 4 of the 5 have taken a price cut while 2 carry a concession. Only 1 studio leased over the last 180 days, so no leased median is shown. An owner with studios should read the asks as a ceiling set by the newest buildings, not as a rent the neighborhood has demonstrated.
Strengths
- 2 Bedroom leased rents up 11.5% year over year, from $1,995 to $2,225, with no price cuts on 73 listings tracked over 180 days.
- 1 Bedroom units leased at a median $1,650, 3.1% above the $1,600 asking median, and leased rents are up 15.5% year over year.
- Concessions on 4.4% of the 137 listings tracked, and 2 bedroom asks 27.8% above the Tampa citywide median of $1,800.
Considerations
- 2 Bedroom asks listed in the last 30 days came in at a $2,097 median on 8 listings, 10.7% under the prior 30 days' $2,348.
- Studios: 4 of the 5 current listings took a price cut, 2 carry a concession, and only 1 leased over the last 180 days.
- Leasing is slower than a month: 37.3% of the 59 leases were completed within 30 days, and 2 bedrooms took a median of 32 days from listing to lease.
Pricing
2 Bedroom leased median $2,034 against a $2,300 asking median; 1 bedroom leased median $1,650 against a $1,600 asking median.
Velocity
Units that leased in the last 180 days took a median of 32 days from listing to lease: 1 bedrooms 31 days, 2 bedrooms 32 days. Only 1 studio leased in the window.
Supply
99 units advertised in the last 45 days, 52 of them 2 bedrooms and 38 of them 1 bedrooms.
Concessions
Concessions were advertised on 6 of 137 tracked listings (4.4%): 3 on current 1 bedroom listings, 2 on studios and 1 on a 2 bedroom.
