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TAMPA - ST PETERSBURGMULTIFAMILY
RENTAL TRENDSSUPPLY/DEMANDEMPLOYMENT ANALYTICS
NOVEMBER 2018
SUPPLY
RENTAL TRENDS
DEMAND
Employment Sector Current Share YOY Change
Education and Health Services 15.7% 11,600 4.9%
Leisure and Hospitality 11.7% 7,200 4.0%
Trade, Transportation, and Utilities 19.4% 5,600 1.8%
Mining, Logging and Construction 5.8% 5,500 6.3%
Professional and Business Services 17.2% 5,000 1.9%
Financial Activities 8.1% 3,300 2.6%
Manufacturing 5.5% 3,300 3.9%
Other Services 3.4% 1,800 3.5%
Information 1.6% -200 -0.8%
Government 11.5% -4,200 -2.2%
National RankingOut of 98 Markets 26Rent
Growth 23 EmploymentGrowth [-14] 53 Completions
[-2]
Inventory by Property Status# of Properties
926Completed
208,107 Units
32Under Construction
7,472 Units
24Planned
7,468 Units
125Prospective
26,460 Units
TAMPA - ST PETERSBURG MULTIFAMILY NOVEMBER 2018
1
HIGHEST OVERALL PERFORMING SUBMARKETS LOWEST OVERALL PERFORMING SUBMARKETS
Submarket Rent Occupancy YOY Change
Bartow $1,064 95.3% 16.3%
Sulphur Springs $835 96.9% 9.4%
Wellswood $1,046 93.5% 8.2%
Mullis City $1,064 95.9% 7.8%
Gandy/Ballast Point $1,339 93.3% 7.0%
Submarket Rent Occupancy YOY Change
Hyde Park/Davis Island $1,953 94.6% 0.9%
Tampa Heights $1,346 99.5% 0.8%
Downtown St Petersburg $1,367 95.8% 0.8%
Brooksville $700 98.4% -0.7%
Upper St Petersburg $1,077 95.2% -1.6%
HIGHEST PERFORMING SUBMARKET - BARTOW
SUBMARKETS YEAR-OVER-YEAR RENT GROWTH
Properties 4
Units 362
Average Rent/Unit $1,064
Effective YOY Chg 16.3%
RENTAL RATE CHANGE BY SUBMARKET NOVEMBER 2018
2
LIFESTYLE APARTMENTS - YEAR-OVER-YEAR RENT GROWTH RENTERS-BY-NECESSITY APARTMENTS - YEAR-OVER-YEAR RENT GROWTH
HIGHEST PERFORMING SUBMARKETS - LIFESTYLE HIGHEST PERFORMING SUBMARKETS - RBN
Submarket Rent Occupancy YOY Change
Feather Sound/High Point $1,259 92.4% 8.6%
Lakeland Highlands $1,172 94.7% 8.1%
Garver City $1,754 94.7% 7.4%
Oakford Park $1,767 96.7% 6.7%
Gandy/Ballast Point $1,641 94% 5.9%
Submarket Rent Occupancy YOY Change
Sulphur Springs $835 96.9% 9.4%
Carrollwood Village $1,096 94.9% 8.4%
Bartow $856 97.1% 8.4%
Wellswood $1,046 93.5% 8.2%
Spring Hill $962 96.9% 8.1%
LOWEST PERFORMING SUBMARKETS - LIFESTYLE LOWEST PERFORMING SUBMARKETS - RBN
Submarket Rent Occupancy YOY Change
Tampa Heights $1,839 98.1% -0.3%
Downtown St Petersburg $1,752 97.1% -0.3%
New Port Richey $1,101 97.5% -0.5%
Pinellas Park $1,420 96.6% -0.9%
Winter Haven $1,061 97.7% -0.9%
Submarket Rent Occupancy YOY Change
Riverview/Valrico $1,109 96.1% 2.0%
Harney $989 95.3% 2.0%
Tampa Heights $1,072 100% 1.9%
Brooksville $700 98.4% -0.7%
Upper St Petersburg $1,001 94.8% -1.0%
FEATHER SOUND/HIGH POINT SULPHUR SPRINGS
Lifestyle RBN Overall
Properties 4 5 9
Units 1,154 1,395 2,549
Avg Rent/Unit $1,259 $1,049 $1,144
Effective YOY Chg 8.6% 3.5% 5.9%
RBN Lifestyle Overall
Properties 6 N/A 6
Units 1,290 N/A 1,290
Avg Rent/Unit $835 N/A $835
Effective YOY Chg 9.4% N/A 9.4%
RENTAL RATE CHANGE BY SUBMARKET AND ASSET QUALITY NOVEMBER 2018
3
OVERALL DEVELOPMENT ACTIVITY
PROJECTED COMPLETIONS AS % OF PRIOR INVENTORY - 12 MONTHS ENDING OCTOBER 2019Submarket Growth # Units
Downtown Tampa / Ybor City 33.7% 1,311
Land O'Lakes/Odessa 20.4% 740
Tampa Heights 19.0% 366
Brooksville 14.9% 94
Downtown St Petersburg 13.2% 1,163
Davenport/Haines City 13.1% 326
Gandy/Ballast Point 12.9% 492
Dunedin 9.2% 227
Clearwater 7.9% 214
Gulfport/Lealman 7.2% 126
Hyde Park/Davis Island 6.5% 324
+ 6 More Submarkets 1,346
Market Overall 3.1%6,729 Units
National RankingOut of 98 Markets
7,472 Units
29Lifestyle [+1]
6,639 Units
32Renters-by-Necessity [+1]
833 Units
28Overall
SUPPLY NOVEMBER 2018
TOP DEVELOPERS BY UNITS UNDER CONSTRUCTIONLARGEST COMMUNITIES UNDER CONSTRUCTIONDeveloper # Units # Props
Related Group 768 2
Crescent Communities 394 1
Wheelock Street Capital 384 1
Arlington Properties 348 1
Sun Park Companny 326 1
ECI Group 324 1
ZOM 323 1
Primerica Group One 319 2
Altman Companies 314 1
RIDA Development 307 1
Project Address # Units Developer
Manor Riverwalk 202 South Parker Street Tampa, FL 33606
400 Related Group
Novel Riverwalk 109 West Fortune Street Tampa, FL 33602
394 Crescent Communities
Altis Wiregrass Ranch 28878 Golden Vista Blvd Wesley Chapel, FL 33543
392 Altman Companies
Point at Starkey Ranch, The Gunn Hwy & State Road 54 Odessa, FL 33556
384 Wheelock Street Capital
Icon Central 801 Central Avenue St. Petersburg, FL 33701
368 Related Group
4
LIFESTYLE DEVELOPMENT ACTIVITY RENTERS-BY-NECESSITY DEVELOPMENT ACTIVITY
PROJECTED RBN COMPLETIONS AS % OF INVENTORYPROJECTED LIFESTYLE COMPLETIONS AS % OF INVENTORY
Submarket Growth # Units
Downtown Tampa / Ybor City 47.0% 1,108
Gandy/Ballast Point 46.4% 492
Gulfport/Lealman 37.7% 126
Downtown St Petersburg 33.6% 1,163
Clearwater 29.3% 134
Davenport/Haines City 25.2% 326
Land O'Lakes/Odessa 23.9% 740
Dunedin 17.3% 227
Rocky Creek 9.5% 505
New Port Richey 8.9% 223
Hyde Park/Davis Island 8.1% 324
+ 2 More Submarkets 580
Market Overall 6.8%5,948 Units
Submarket Growth # Units
Brooksville 14.9% 94
Downtown Tampa / Ybor City 13.3% 203
Spring Hill 6.7% 92
Brandon/Seffner 4.9% 220
Clearwater 3.5% 80
Largo 2.8% 92
Market Overall 0.6%781 Units
SUPPLY NOVEMBER 2018
5
EMPLOYMENT COMPOSITION BY INDUSTRY SECTOR
EMPLOYMENT GROWTH TREND FOR TOTAL NON-FARM AND TWO LARGEST INDUSTRY SECTORS
EARNINGS GROWTH TREND VS NATIONAL
Employment National YOY Change 5-Year ChangeEmployment Sector Jobs % Share Rank Jobs Pct. Jobs Pct.
Trade, Transportation, and Utilities 308K 19.4% 25 5.6K 1.8% 36.6K 13.5%
Professional and Business Services 274K 17.2% 23 5.0K 1.9% 48.7K 21.6%
Education and Health Services 250K 15.7% 26 11.6K 4.9% 32.7K 15.0%
Leisure and Hospitality 186K 11.7% 26 7.2K 4.0% 33.3K 21.9%
Government 183K 11.5% 32 -4.2K -2.2% 0.2K 0.1%
Financial Activities 130K 8.1% 19 3.3K 2.6% 17.5K 15.6%
Mining, Logging and Construction 93K 5.8% 25 5.5K 6.3% 23.2K 33.3%
Manufacturing 87K 5.5% 41 3.3K 3.9% 10.3K 13.4%
Other Services 54K 3.4% 28 1.8K 3.5% 5.5K 11.4%
Information 26K 1.6% 31 -0.2K -0.8% -1.3K -4.7%
Total Non-Farm 1590K 100.0% 25 38.9K 2.5% 206.7K 14.9%
EMPLOYMENT AND EARNINGS NOVEMBER 2018
6
Prior 12 Months
35Sale Price [+2]
$141,454Average Price/Unit
10Sale Velocity [-2]
75Properties Sold
12Sale Volume [+1]
$2,512MMTotal Sales
National RankingOut of 98 Markets
MOST ACTIVE SUBMARKETS BY TRANSACTION VOLUME
SALE TRENDS
MOST ACTIVE BUYERS BY # PROPERTIES PURCHASED MOST ACTIVE SELLERS BY # PROPERTIES SOLD
Lifestyle RBN
# Properties 27 48
Total $MM $1,488 $1,024
Avg $/Unit $196,554 $100,494
Company # Units $MM
Hirsh, Douglas A. 3 466 $50.5
Lantower Residential 2 772 $151.7
Greider, David K. 2 727 $69.6
Starlight Investments 2 670 $116.9
LCN Management 2 496 $48.6
Latitude Management Real Estate Investors
2 476 $54.3
White Oak Partners 2 455 $74.3
Blue Roc Premier Properties 2 428 $31.7
Company # Units $MM
Harbor Group International 4 1,273 $136.0
Pollack Shores 3 962 $203.1
Equity Management Partners 3 539 $43.5
Axonic Properties 2 696 $73.2
IMT Capital 2 670 $116.9
Mercury Investments 2 568 $59.7
Greider, David K. 2 284 $32.7
Insula Properties 2 272 $30.7
Submarket # Units $MM
Downtown St Petersburg 8 2,464 $516.4
Westchase 8 2,686 $503.3
Riverview/Valrico 12 2,822 $416.3
Rocky Creek 6 2,166 $288.5
Gandy/Ballast Point 6 1,564 $233.4
Safety Harbor 4 1,524 $226.0
University of South Florida 8 964 $204.8
Sunset Park/Bayside 2 1,378 $193.0
Clair-Mel City 2 900 $188.0
Upper St Petersburg 6 1,870 $184.5
+ 27 More Submarkets 88 17,178 $2,069.8
Total 150 35,516 $5,023.9
$90,000,000320 UnitsBuyer: WRDC
Sale Date: 11/20/2018
SkyHouse Channelside
HIGHEST PRICED PREV. 3 MONTHS
TRANSACTION ACTIVITY NOVEMBER 2018
7
COVERAGE
Yardi® Matrix reports on multi-family properties of 50+ units in size.
This report for the Tampa - St Petersburg metro area covers Counties: Hernando, Hillsborough, Pasco, Pinellas and Polk
Rental rate coverage is for Market Rate properties only. Fully Affordable properties are not included in our rental surveys and are not reported in rental rate averages.
GENERAL DEFINITIONS
Asset Class – refers to a generalized category of properties grouped by their Yardi® Matrix improvements rating
Lifestyle Asset Class – a grouping of all of the highest rated market rate properties A+, A, A- and B+
Renters-by-Necessity (RBN) Asset Class – a grouping of all of the lowest rated properties B, B-, C+, C, C- and D
Year-over-Year Change – percentage growth from last year, for several months or quarters in a time-series. This analysis will highlight an overall direction of movement for a metro.
An upward slope means an accelerating growth. A downward slope means a slowing growth. Above the line (zero) for increases, below the line for loss.
Rankings – this metro is ranked nationally among other Yardi Matrix reported metros based on a single measure. For details on any specific ranking, see section descriptions below
COMMONLY USED CALCULATIONS
DATA SOURCES
Rental Rates – are collected by Yardi® Matrix phone surveyors three times annually for 95%+ of property and unit configurations. Additionally, a representative sample of the market (between 10% and 20%) are surveyed monthly.
Occupancy Rates – are derived from U.S. Postal Service data and Yardi® Matrix phone surveys
Development Activity – information is tracked by Yardi® Matrix researchers. Construction projects are discovered through various publications and local government sources. Projects are tracked on a monthly basis. Completion dates and lease-up information are confirmed by phone calls to properties under construction.
Employment – data is sourced from the U.S. Bureau of Labor Statistics. Reported employment is generally two months behind the current date for this report.
Transaction Activity – information is tracked by Yardi® Matrix researchers. Sales are discovered through various publications and local government sources, and updates are made continuously.
Rent Growth Ranking – based on rent growth over the past year, current month.
Employment Growth Ranking – based on employment growth over the past year, latest employment month.
Completions Ranking – based on inventory growth over the past year, current month.
MARKET OVERVIEW
Calculations – total employment size (jobs) is expressed as a sum of employment in areas overlapping the reported market: Lakeland-Winter Haven, FL | Tampa-St. Petersburg-Clearwater, FL
EMPLOYMENT AND EARNINGS
Industry Sectors – are defined by the NAICS Supersector designations. For more information visit: http://www.bls.gov/sae/saesuper.htm
Sector National Ranking – is based on the absolute size of the industry sector within this metro, when compared to the same industry in other metro areas nationally.
Earnings weekly vs hourly – differentiates hourly wage workers, from weekly salaried workers.
DEVELOPMENT ACTIVITY
Prospective Properties – announced construction projects, with no specific documents or government filings
Planned Properties – are in the planning stages of construction, with documents having been filed with the county or city
Under Construction Properties – have received permits for construction and broken ground.
Rankings – are based on the number of units currently under construction: Overall, Lifestyle and Renters-by-Necessity Asset Classifications
Projected Completions – Projected completions reported by Yardi® Matrix are limited to a year out and are based on properties currently under construction and their expected completion date.
Projected Completions as a % of Prior Inventory – This forward-looking metric uses projected unit completions to calculate a relative growth over the next year for a particular area. Submarkets with a total share of market inventory below 1% are assigned an N/A value, to avoid over-stating their significance in rankings and color-coded map displays.
Construction and Completion Counts – are reported based on property status as of the start of the month.
TRANSACTION ACTIVITY
Price – is expressed as Price/Unit as a standard measure. This is also used for national ranking
Velocity – is measured by the number of properties sold per year. This is also used for national ranking
Volume – measures the total amount of money spent in multi-family sale transactions in the prior year, expressed as millions of U.S. Dollars ($MM). This is also used for national ranking
METHODS AND DEFINITIONS NOVEMBER 2018
8