According to the Tampa Tribune, multifamily buildings are now the hottest commodity in the local real estate market. The National Association of Realtors expects this sector to be the top performer in commercial real estate next year. Local experts attribute the rebound to an improving economy, a lack of new construction in the past 3 years and an increase in financially troubled buildings which are often priced to sell quickly. Landlords have stopped giving incentives to get renters. These incentives, such as a free month’s rent or $99 move in deposits are quickly disappearing.
I saw this first hand last summer when some clients of mine who’s house I short sold had a hard time finding a place to rent. Decent houses often were rented before we could see them, with multiple families submitting rental aps and deposits. Tampa’s slow down in construction of apartments is expected to make condos a good second choice for renters.