Channelside rental market getting crowded – Tampa Bay Business Journal:

TAMPA — Construction at Seaport Channelside wrapped last month, and occupancy is growing on schedule at just over 35 percent, said David DeMarcay, a VP with Synergy Properties Inc., which built the $75 million rental project.

But the sudden conversion of neighboring condo complexes into high-end rental units have caught Seaport Channelside in its wake, creating greater competition all around, and forcing Seaport developers to lower some rental rates.

via Channelside rental market getting crowded – Tampa Bay Business Journal:

The average rent has been quietly dropping in the market for some time, naturally because of the state of the real estate market. At a time where you can buy a home with a monthly payment for about what you would be paying in rent, this will certainly not make things any easier for realtors or homebuilders. The positive side is that if the demand for rent continues downtown, this just may keep these downtown projects afloat and headed in the direction that many have envisioned for a more metropolitan/ urban setting.