Florida has long been recognized as the entertainment and retirement capital of the United States. Tampa has been a consistently growing market for jobs, beautiful beaches, and local history. The investor market has also played a huge part in the growth of Tampa Bay. Large corporations tend to love the location in central Florida to attract top notch employees. So how do this translate to housing?
With more and more residents renting properties the demand for properties is now higher than ever. Many of the major areas around Tampa have experienced the growth of large apartment complexes stacking residents on top of each other. These apartments have top end finishes, and they are all competing for the same customer. Now for the small investor this can put you in a unique market with more demand. There are a lot of renters out there who do not like the compact living of large apartment communities. They are looking for quality living with space to call their own. They are also not willing to pay the top price for brand new apartment complexes even with all the up-front incentives the complexes may offer.
Small multifamily and single-family rental housing is on the climb which creates the market for investors looking to step into real estate investing. Renters are also willing to make a small commute for the right property at the right price. Many of the large complexes rental rates are far more expensive than making a commute just a few minutes outside of the trendy areas. Homes with a back yard, community amenities, and more square footage are currently at the top of the renter’s checklist. The inventory for this market is also limited so renters are making decisions faster and days on market are decreasing for investors. The turnover in these types of properties is also far less than larger communities. Renters wish to stay longer in properties they fully enjoy vs apartment communities.
The underlying advantage is also a market that will continue to appreciate for long-term real estate investment gains. So, if you are looking to invest in real estate, Tampa Bay is a market to research. Ask us here at Rent It Network how we can assist you through the process and provide complete rental home solutions.