Tampa Bay’s Apartment Market Is Changing — and Private Equity Is Leading the Charge

cliggittvaluation • April 24, 2025

In recent years, Tampa Bay has become a hot spot for real estate investment — and not just from individual landlords or local developers. According to a new report from the Private Equity Stakeholder Project, nearly 25% of all apartment units in our metro area are now owned by private equity firms. That’s a major shift with big implications for renters, property owners, and real estate professionals alike.


Nationally, private equity ownership accounts for about 10% of all apartment units, but the concentration is much higher in Sunbelt cities like Tampa, where demand is booming and tenant protections tend to be weaker. As Jordan Ash, the report’s research director, put it: “States that have weak tenant protections is something that private equity companies are attracted to... and the other just being growing population, which creates more of a demand for rental housing.” These firms, including big names like Greystar and Blackstone, typically focus on maximizing returns — which often means increasing rents and cutting costs wherever possible.

We’ve seen how this plays out locally. Between 2019 and 2023, rents in the Tampa Bay area increased by 49%. While there are many factors driving that growth, the report suggests that private equity is playing a notable role. Some of the firms analyzed are even under scrutiny for using software like RealPage to help set rent prices, allegedly pushing rates to their maximum potential across the board. Ash noted, “It’s very clear, their business model is going to be how to make a property more profitable… The goal really is to sell the property.”


As a commercial real estate appraisal firm based right here in Tampa Bay, we’re watching these trends closely. Private equity’s growing influence doesn’t just affect rental prices — it also impacts how we value properties, assess market risks, and advise our clients. Whether you're investing, refinancing, or just trying to understand what your asset is worth in this evolving landscape, having a clear, up-to-date appraisal is more important than ever. At [Your Company Name], we’re here to help you navigate these changes with confidence.


Source : Tampa Bay Times


Thank you for your interest. Have questions regarding the local market? Navigate the Real Estate Market with confidence, and contact us at Cliggitt Valuation for your appraisal, consulting, and valuation needs today.


Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets


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