Tampa Bay Area Survey-o-Rama

Our crack research teams just completed market summaries, this time for the West Tampa area, Sarasota and Bradenton. The research was conducted by phone and information was provided via communities on-site staff between the dates of 9/22/08 - 9/26/08. A few results have been highlighted and are below, broken up by geographic area:

Bradenton
*Average occupancy for the area is 86%
*Average rent rates are between $691-$1309
*The most popular concession by far is 1-2 months free rent with a few 3 month free rents sprinkled here and there
*Traffic was reported as slow or steady for 80% of the respondents

West Tampa
*Average occupancy for the area is 90%
*Average rent rates are between $756-$1195
*89% of those surveyed were offering a concession
*A,B, and C product were all within 1% pt. of 90% occupancy

Sarasota
*Average occupancy for the area is 90.5%
*Average rent rates are between $791-$116
*A product had the lowest occupancy numbers coming in at an average 87% occupancy
*Traffic was reported all over the charts with some reporting slow, steady or an increase in traffic; this was more in flux than previously surveyed markets

Overall this information is neither new nor surprising. A 90% occupancy rate is what we have been seeing for a few months now, however the alarming trend is the drop in traffic rate. We will post an article tomorrow about traffic trends in this economy which reveal some surprises that had not been forecasted. Another alarming trend is the increase in months free as a concession. Earlier in the year 1 month free was standard with a few 2 month frees thrown in. However, over the past 3-4 months, that concession has upticked to 2 months free with a few 3 months free thrown around out in the street. This is a clear signal that things are getting worse and are not leveling out so that we can start seeing a light at the end of this tunnel. Right now, we think the best we could hope for is a stabilizing period followed by incremental growth.

If you should have any questions or if you would like the report in full, please e-mail aftampa@apartmentfinder.com or call us at 813-864-0275.