3 Reasons You Should Consider Investing in Tampa Bay Real Estate

By on February 5, 2020
Investing

Tampa is one of the hottest real estate markets in the United States, and it is a very large metro area. It also remains a hidden gem with lots of room for development and appreciation. Furthermore, the quality of life in the city is one of the best in the Florida region, and the city attracts plenty of young professionals, students, and retirees, making it one of the most diverse markets as far as demographics go. Here are three reasons why women over 50 should consider investing in Tampa Bay real estate. 

The Low Entry Costs

One point in favor of the Tampa Bay Real estate market is the relatively affordable real estate market. Median home prices are around $350,000. While that’s higher than the national average, it is cheaper than other “hot” real estate markets in California or coastal real estate elsewhere in Florida. There are also neighborhoods where you can find single-family homes and condos for less than $200,000.

The Favorable Legal Climate

The Tampa Bay real estate market is landlord-friendly. For example, Florida does not have any rent control laws. More importantly, the state passed a law more than a decade ago preventing cities from passing rent control. This protects the property owner’s ability to raise rents to match market rates.

Another point in favor of Florida is that the state makes it relatively easy to evict someone who is late on paying their rent or who has violated the terms of their lease. This means you won’t be losing money paying the carrying costs of a property while the tenant trashes the unit or refuses to pay. However, you should always consider working with a reputable Tampa bay property management company who will make sure that your potential tenants are well-vetted. This will allow you to avoid any headaches, and allow you to manage the property at a distance.

The Long-Term Gains

People are moving to the Tampa Bay area for work because the area has a vibrant economy. Unemployment is lower than the state of Florida average, and job growth is 2.3 percent, well above the 1.6 percent national average. 

However, geography limits the city’s ability to expand. This has caused Tampa real estate to appreciate at ten to fifteen percent annually, and the market is showing no signs of overheating. Before the 2007-2008 real estate market collapse, appreciation rates were 15 to 20 percent annually. 

HomeAway.com

The appreciation rates we’re citing are also seen across the Tampa Bay real estate market. In unincorporated areas at the edges of Tampa, appreciation is roughly ten percent a year. This suggests the 12 to 15 percent appreciation in desirable neighborhoods is a measure of local demand. They don’t have enough new housing stock to keep up with the 1 to 2 percent population growth, and new housing is expensive to build since the area is already heavily built-up.

The Tampa Bay real estate market is one of the hottest in the country and should continue to be so for years to come. Make sure that you take a closer look at it, and work with people with boots on the ground to ensure you make a calculated decision.

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3 Reasons You Should Consider Investing in Tampa Bay Real Estate