Only good things come to mind when you think of Tampa. This sunny, vibrant coastal city is a firm favorite for vacationers, retirees, and young families.
Thanks to its distinct lack of income tax, Tampa is an affordable destination too. As a real estate investor, these attributes likely pique your interest, too.
Keep reading to find out more about the Tampa real estate market and whether it's a good option for you.
The Tampa Real Estate Market in 2023
Despite declining sales and the highest mortgage rates in 20 years, home prices in the US are still climbing. That's because homeowners who secured low rates at 3% would be crazy to sell now, and this is restricting the number of new listings.
Investors operate best in this type of real estate market, where increasing prices add ongoing value to their properties. It's also a good market for landlords who can easily cover their low mortgage payments with the high rents common to Tampa.
Some major real estate trends in Tampa during the last quarter of 2023 are:
- Declining sales
- Increasing prices
- Homes are spending more time on the market
- Listings are declining
- Many homes are selling above the list price
Finally, Florida's tax laws mean it's a lot cheaper to own property in Tampa than in many other US markets.
Is Tampa a Good Place for Investing in Real Estate?
There's no doubt that the Tampa housing market looks promising on paper, but, as a residential real estate investor, you need tenants in your properties to benefit. Can Tampa deliver?
Tampa is booming right now and is the third-most populous city in Florida. It's also a thriving tourist destination.
The city boasts abundant career opportunities in the maritime industry, tourism, finance, construction, and aviation. Job growth is currently at 23.5%, compared to 21.8% in Orlando.
Tampa is an extremely attractive destination for young professionals and young families alike.
All the above factors make Tampa a promising destination for both long- and short-term rentals.
The Best Neighborhoods to Buy Property in Tampa
Tampa properties are a good investment all around, but you can make even more money when you invest in the right areas. These are the best neighborhoods for investors in Tampa:
This is a popular area for families. It has good safety ratings and access to excellent schools.
Another family-friendly suburb, Westchase is a diverse neighborhood. It's also a good option for young professionals thanks to its nightlife scene.
Safe, diverse, and family-friendly, Lutz also offers close access to parks and preserves. Most people own their homes in this area, so there's a high demand for rentals here.
Making the Most of Tampa Investment Properties
Whether you're new to property investing or a seasoned investor exploring your option in Tampa for the first time, you could use a helping hand while you navigate unknown territory.
The team at PMI JCM Realty Group has decades of experience in the Tampa real estate market. We can help you find properties in sought-after neighborhoods, market them in all the right places, and assist with every aspect of property management.
Get in touch to supercharge your Tampa real estate investments.