Even with a population of more than 4 million, Tampa remains one of the most frequently visited tourist locations. In 2017 Tampa added 31,900 jobs in the private sector according to Emerging Trends Reports. Tampa’s unemployment rate, 2.9%, also continues to remain lower than the regional average of 3.1%. The previous year alone another 30,000 jobs have been added in the Tampa Bay area continuing cities’ economic high. With the increase of jobs, the demand for quality housing continues to rise causing the average price of homes to climb to over 11.2 % in the last year according to Zillow. Reports also predict an additional growth of another 8.4% by the end of 2019. Tampa’s housing market continues to grow as rental properties can be purchased for as low as $90,000, which appeals to many investors as it remains below Tampa’s average residential property rate of 136,000. As of July of 2019, Tampa remains a seller’s market, which means there are roughly more perspective buyers than active homes for sale.
These 5 current features of Tampa’s housing market provide positive feedback regarding the future of Tampa’s rental forecast.
1. Tampa is the fastest growing city in the state of Florida:
2. The median household income is $43,450
3. Tampa’s rental economy is currently transitioning from multifamily to single-family housing.
4. The median housing resale price is expected to rise 7.6% by the end of 2019.
5. Tampa is ranked no.2 for people moving into the area based on U-Haul truck drop off destinations.
While rental forecast, like meteorology forecast, can be hard to predict; careful analyses of a market’s patterns can help to foresee its future. Tampa’s real estate market is on the rise and shows no signs of stopping in the near future. Tampa remains one of the most affordable housing markets in the U.S and presents many opportunities for the prospective investor. When you’re looking to tap into Tampa’s rental market from the buyer, renter or investor standpoint contact the local rental experts at Rent It Network for always fast, always responsive and always professional rental home solutions.