Tampa Bay Experiences Rapid Growth in Build-to-Rent Homes Over Last Five Years

Over the last five years, Tampa Bay has emerged as a leading destination for build-to-rent (BTR) homes, reaching its peak success last year.

Across the U.S., 32 metropolitan areas have completed their BTR inventories over the past five years, yet more than half currently have no new projects in the pipeline.

In Tampa Bay alone, the upcoming years will see the addition of over 1,300 new single-family rental homes. By 2023, the area boasted a total of 1,636 rental homes, catapulting Tampa Bay into the top 20 U.S. metros for future BTR developments. Notably, RentCafe places it 10th on their list.

Also gaining traction in the BTR sector is North Port, which saw 749 rental homes built from 2019 to 2023, with 994 additional units currently under construction.

Among the new developments, The Hadley in North Port is notable. This BTR community, located at 3000 S. Sumter Blvd. near key roads such as Interstate 75 and U.S. Highway 41, will feature 268 units with one-, two-, and three-bedroom options, spread across 25 acres. The community will offer a range of amenities, including a 24-hour fitness center, a resort-style swimming pool, community grilling areas, a pickleball court, a dog park, a pet spa with grooming station, billiards and shuffleboard, a Starbucks coffee bar, and 24-hour emergency service response.

Another noteworthy transaction occurred earlier this month in South Hillsborough County, where Oak Haven, a 120-unit townhouse community in Riverview, was sold to Ark Homes for Rent for $31.8 million, translating to $265,000 per unit.

Florida stands out in the BTR market, with four cities in the top 20 metros for ongoing BTR construction. Jacksonville leads with 1,836 units, followed by Tampa with 1,352 units, Orlando with 1,147 units, and North Port with 994 units.

These cities are poised to add roughly 5,300 rental homes in the near future, indicating robust growth and continuing interest in Florida's build-to-rent market.