Are you an investor looking to buy and rent out single-family homes? If so, the Tampa Bay area is a good place to do it. In fact, Tampa finished third on Business Insider’s list of the best cities to invest in real estate for the second consecutive year.
So, why is Tampa ranked so highly for real estate investing? Here is why:
Tampa offers world-class tourist attractions. Some of these attractions include the Tampa Bay History Center, The Florida Aquarium, and the Busch Gardens.
The city is also home to excellent hospitals, police and fire departments, libraries, schools, and other services.
Tampa also offers a variety of recreational options, including nearby beaches, cultural events, and professional sporting events.
Manatee, Sarasota, Pasco, and Hernando in the Tampa Bay area are especially high performers in this regard.
And, data from RealtyTrac shows that the return for flipped homes in one Tampa zip code is 130%.
This is essentially because of the high demand for housing, which translates into cash flow and profits for real estate investors.
Also, population growth is at all-time high and home ownership is at an all-time low in Tampa Bay, reflecting the pent-up demand in housing.
In fact, foreign investors make up a whopping seventy percent of all condominium purchases in Florida. Usually, foreign investors are willing to pay slightly higher prices.
In turn, this drives up the overall prices of the real estate market. Coupled with domestic demand, foreign demand will keep property values climbing.
There are a number of reasons why Tampa Bay’s population is on an upward trend. One, unlike California, Florida has no state income tax. This makes it a more appealing state to retire. It is understood that lower taxes result in people having more disposable income.
Two, research shows that Baby Boomers are retiring to states with warm weather. Consequently, Florida, Texas, and California will have forty-six percent of the total U.S. population by the year 2030.
Another reason for the influx is due to the variety of job openings available in Tampa. According to Wallet Hub, Tampa ranks as the third best city in the U.S. to find a job. Microsoft, Amazon, and Home Shopping Network are some of the many large companies in the Tampa area.
It offers a great price to rent ratio. The median rent per month is $1,575, which means the price to rent ratio is 11.8.
Worth over $130 billion, the local economy is supported by the presence of Fortune 500 companies. For example, WellCare Health Plans, Inc., Jabil Circuit Inc., and Publix Super Markets Inc.
In addition to these top-performing companies, there are nineteen companies with headquarters in Tampa that make an annual revenue of over one million dollars.
Davis Island is a Tampa neighborhood and archipelago on two islands in Hillsborough County, Florida.
Here is why you should buy property there:
South Seminole Heights is a historic, diverse community that is welcoming, inclusive, and integrated.
Here is why you should buy property there:
Old Seminole Heights offers its residents a rich history, old-fashioned neighborhood charm and is one of the most convenient locations in Tampa.
Here is why you should buy property there:
Historic Ybor is nothing less than the historic heart of Florida’s city by the Bay. Its charm is found in its bungalows, its active trolley system connecting Ybor to South Tampa, and Channelside, and in its restored brick roads.
Here is why you should buy property there:
Tampa Heights is one of the oldest neighborhoods within the city limits of Tampa, situated in the central part of the city.
Here is why you should buy property there:
Here is why you should buy property there:
Here is why you should buy property there:
You might also like: Guide to Buying Investment Property in Tampa
In real estate investing, location is everything. Luckily, Tampa, Florida is among the top 20 locations in the U.S. real estate market, according to the annual study of the PWC. So, if you are looking to invest in real estate this year, seriously consider these 7 places.
