Tampa, FL
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Top 5 reasons to invest in Tampa, FL
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Tampa is the second-largest MSA in Florida. It offers real estate investors an incredible population, a strong job market, and a cost of living below the national average. These factors make the area attractive for investors looking to diversify their portfolios with long-term leases or short-term rentals in this popular tourist destination.
Tampa’s population is 3,194,310, which has changed 1.53% since last year. In all, there are more than 1.3 million households in the area.
The market’s median rent is well above the national average at $2,099, a 2.0% change in one year. The median home price in Tampa is below the national average. Properties are available for a median price of $380,515, a change of 3.3% from last year. The rent-to-price is 0.6%.
Tampa has been recognized as the fourth-hottest job market in the country, a testament to its economic stability and growth. This draws even more residents to the area and gives investors a better chance at renting out their properties. Much of the growth has been in the tech sector, including health tech, cybersecurity, supply chain management, and fintech. The area's median income is $67,197, close to the national average, reassuring real estate investors that there is a pool of capable tenants.
Along with the hefty workforce that created an industry with a 3.4% unemployment rate, Tampa has a few well-known universities in the area. The University of South Florida and the University of Tampa have a combined population of around 62,000 students, which creates a demand for off-campus housing.
The average household size in Tampa is 2.4 persons, which is right around the national average. This allows investors to invest in smaller homes while also providing an ample audience for larger properties.
The vacancy rate in Tampa is around 12%, which is somewhat higher than in other areas. However, a significant reason why is the numerous short-term rentals in the area, given Tampa's high tourist rates. Tampa doesn't have strict rules regarding short-term rentals. However, the property must be zoned appropriately, or you risk facing a fine.
Tampa is attractive if you're seeking a robust real estate market with a large population, increasing home prices, and high rent. While its vacancy rates may be slightly higher, this area presents an opportunity to cater to your preferred niche, whether short- or long-term rentals. With affordable house prices and increasing rent, Tampa offers many investment opportunities for those looking to maximize their returns.
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