Market Analysis

Market Results

Demographic Considerations

Demographic Considerations

Demographic Considerations

Households in the Trade Area increased by 6.4% since 2010, exceeding 40,000 total
More than 70% of households in the Trade Area rent; inverse of the Tampa Bay Region.
Renter-occupied housing units increased 440 basis points since 2010, consistent with national trends following the Recession
Reflects increase in off - campus student multifamily development by USF

MULTI-FAMILY

Demographic Considerations

Demographic Considerations

Limited construction in market-rate apartments since 2000 (averaging only 115 annually)
Demand has outpaced supply in long- and short- term
Vacancy rates have declined sharply since the Recession
Consistently ~3 -5% in the last four
Lower than 7% industry - standard representing a ‘healthy’ market
Rents have increased 16.6% since 2013

HOSPITALITY

Demographic Considerations

Economic Considerations

More than 2,000 rooms in the USF/Busch Gardens Submarket (closely aligns with competitive trade area)
More than 40% of the inventory is classified as upper midscale (Comfort Inn, Hampton Inn, Holiday Inn Express
Upper midscale properties also represent the Submarket’s highest capture of the County-wide total at 16.8%
Occupancy rates have increased nearly 100 basis points, from 60.4% in 2012 to 70.3% in 2017
Average daily rate (rental income per occupied room) in the Submarket has increased 22.1%
More notable rate growth in the last four years as tourism rebounded from the Great Recession

Economic Considerations

Economic Considerations

Economic Considerations

Approximately 70,000 jobs in the Trade Area
Comparatively modest growth over five-year period
High captures of Education jobs (USF) and Healthcare (AdventHealth, Moffitt Cancer Center, VA Hospital)
Sectors with the strongest absolute five-year growth are Retail Trade, Education, and Accommodation & Food

Commuting Tends

Economic Considerations

Commuting Tends

Major employment anchors in the Trade Area result a net-inflow of commuters

More than 90% of the primary jobs in the Trade Area are held by people living elsewhere

Only 14.2% of the Trade Area’s residents also work there

Job Growth

Economic Considerations

Commuting Tends

Approximately 70,000 jobs in the Trade Area
Comparatively modest growth over five-year period
High captures of Education jobs (USF) and Healthcare (AdventHealth, Moffitt Cancer Center, VA Hospital)
Sectors with the strongest absolute five-year growth are Retail Trade, Education, and Accommodation & Food