Tampa and the surrounding areas continue to be a great place for investors. The market started strong, and it looks like the year will finish just as optimistically. Today, we’re sharing some details on the rental market so investors and owners will know what to expect from tenants, rents, and the general real estate landscape.
Tampa Property Management: The Economy
The local economy is strong. Job growth is on the incline, and we are currently enjoying a record low unemployment rate. A lot of your prospective tenants have good jobs, and that provides some financial security for Tampa landlords and their potential for rental income.
Tampa Bay Housing Inventory and Demand
There are currently around three million people living in the Bay area. The population is growing, and all these new Tampa tenants will need quality housing.
Currently, there is a significant amount of new construction for single family homes and multi-family units. Many investors are looking at build-to-rent scenarios as an option. With that concept, you can buy a brand new home and immediately start renting it out.
Hillsborough County, Pinellas County, and Pasco County all have a lot of new construction and development. There’s also a lot of investor activity. If you’ve been thinking about investing in the Tampa market, or you’re considering growing your portfolio of existing properties, now is a good time to do it.
In addition to the new construction, you’ll find Tampa rental property in the workforce housing segment as well. These are older, existing single family homes in established neighborhoods.
Rental Increases and Investment Opportunity
Tampa investors have plenty of opportunity and a solid tenant pool. We have seen a five percent increase year over year in the average rents. That’s strong growth for an already strong market.
If you have any questions about how to benefit from the Tampa market, please don’t hesitate to contact us at Rent It Network. We’d be happy to tell you more.