It's a bit of a head-scratcher as to why apartment development isn't stronger in Tampa, according to Greg Willett, First Vice President, National Director, Institutional Property Advisors Research.

He said that the 12,000 or so apartments on the way in metro Tampa translate to a less aggressive near-term inventory growth pace of 4.4 percent.

IPA reported that today's building volume in the area remains about in line with the levels registered in the late 2010s to early 2020, "so the market hasn't experienced the acceleration of activity seen elsewhere," Willett said.

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