TAMPA - Apartment complexes are following the housing market in their suffering, and it's about to get worse, a new report says.

The reason: So many investors stuck with homes are eager to rent, and for less, said Casey Babb, a senior associate with Marcus & Millichap, authors of the report. In many cases, apartment owners just can't compete.

This is good news for those in the market to rent. Average apartment rents in Tampa are projected to fall 4 percent to $713 per month, compared with a 6 percent decrease in 2009, the report said.

Analysts had anticipated a big increase in the number of renters because of the housing crisis.

"We thought that a lot of the folks losing homes to foreclosure would flood the apartment market, but that's not happening," Babb said. "Typically, these folks are finding homes or townhomes to rent."

As a result, Tampa is expected to have one of the highest vacancy rates of all metros in 2010, according to the report.

"If you can rent a home for the same dollar amount that you could rent an apartment, you may go for the house," Babb said.

The problem for apartment owners is over supply.

There are roughly 150,000 traditional apartment units in Tampa Bay. About 30,000 were taken off the market during the housing boom and converted into condos. Most condo conversions failed, however, and are back on the market as apartments, Babb said.

The vacancies make it tougher for apartment owners to pay their mortgages and that may push more complexes into foreclosure this year.

"Almost every deal made between 2005 and 2006 is in trouble," Babb said.

Those looking to rent a house can find affordable options in nice communities, and those seeking a traditional apartment complex have numerous choices.

Many complexes are offering concessions to sweeten the pot. For example, some offer one to two months of free rent, waived pet fees or deposits, even free TVs.

Reporter Shannon Behnken can be reached at (813) 259-7804.