Continuing job cuts are expected to offset any growth in apartment demand as asking rents are expected to slip another 4 percent this year in the Tampa market.

Although the supply of apartments is expected to dip, vacancy is expected to grow from 10.5 percent to 10.8 percent, according to a new report form Marcus & Millichap. Because of that, rents will continue to slide from $797 last year to $767 this year. That's now a 10 percent drop from the $843 average rent landlords were charging in 2008.

Of course, vacancy rates have changed dramatically as well from 8.7 percent in 2008 and 6.9 percent at the tail end of the condominium conversion boom in 2007.

Vacancy has grown, but it seems to be doing it at a much slower pace than it did 2008-2009 when it grew by almost 180 basis points.

Of the economic factors surveyed in 544 markets for the Marcus & Millichap 2010 National Apartment Report, Tampa continues to rank 40th, just behind Fort Lauderdale and just ahead of West Palm Beach, both of which fell five places in the national rankings. Jacksonville is ranked the lowest of the markets, replacing Las Vegas, which moved up one slot to sit just behind Atlanta at No. 43.

Washington remains the nation's strongest market in terms of multifamily rental, staving off a surging San Diego, which jumped four places to No. 2. Expectations remain that Washington will emerge from the recession before other metros, while San Diego was virtually the only metro area expected to experience lower vacancy and higher rent rates.

Marcus & Millichap warns that there is still some lending activity that might create some concern, especially with plans by lender Fannie Mae to let homeowners facing foreclosure rent their homes for up to a year, which could strengthen the shadow rental market. However, doing that could help limit bank-owned home sales, which in turn would help stabilize the housing market.

Also, the number of new apartments coming to the market will be down 32 percent to 65,000 nationwide, which could help control vacancy rates in some areas.

Entrepreneurs looking to get into the property management business might want to keep an eye on student housing, the report indicates. Last year, student housing out-performed traditional apartments and had a vacancy rate of between 7 and 7.5 percent nationally, while the overall vacancy is now around 7.8 percent.

It might be a good time to buy communities, the report from the real estate firm says. Median sales prices in Tampa dipped from $58,438 per unit to $54,671 per unit. Median prices reached $65,000 per unit in 2007.