Report: 11 prospective renters compete for each vacant unit in Tampa

There's some good news for Tampa renters, as well as U.S. renters.

Recent apartment rental statistics show a more stable, competitive market for Tampa rentals in 2023 compared to 2022, owing much to recently completed apartment units, according to a report from RentCafe. The nation also saw a cooling off as new units come on the market, meeting demand.

The RentCafe study found that builders rushed to meet the needs from 2022 to 2023, as newly constructed apartments increased by 3% in Tampa, versus 2.2% in 2022.

But Tampa still made the top 25 most competitive rental markets, at No. 25. That means that although there was softening of demand for units, an above-average demand, compared with the rest of the United States, remains.

RentCafe also found:

• Tampa renters who chose to renew their leases dropped to 62.9%, compared to 69.4% in 2022.
• On average, 11 prospective renters competed for each vacant rental in Tampa in 2023, versus 16 in 2022.
• The occupancy rate in Tampa was 94%, vs. 95.5% in 2022.
• Vacant apartments in Tampa were filled within 36 days, on average, versus 32 days in 2022.

Ranking above Tampa was Southwest Florida, which came in at No. 18 nationwide. (Specific markets in Southwest Florida were not defined in the report.) 

In Southwest Florida, RentCafe's key findings were:

• A high number of new apartments coming on to market, at 5.1%.
• 94.4% of apartments occupied.
• Nine prospects per apartment.
• The lease renewal rate was 65.1%.

Perhaps not surprisingly, other Florida markets made the list. Orlando came in at No. 11, Broward County No. 7 and Miami-Dade was No. 1.

"(Miami-Dade's) thriving tech scene continues to attract innovators and entrepreneurs from all around the world, driving the competition for rental apartments," RentCafe says. "Plus, its business-friendly climate offers incentives and opportunities for growth, while the lack of income tax makes it a top renting spot for both locals and newcomers."