There are diverse golden opportunities for real estate investors in Florida, the sunshine state. The state is the most populous in the Southeast and number 3 in the country. This population explosion is influenced by a booming economy tagged as the 4th highest GDP in the U.S., according to the Bureau of Economic Analysis. This ever-increasing population ensures that there is always a steady supply of tenants for property investments in the state.
Apart from being the U.S. favorite holiday and tourism destination, it also ranks as a long-term top spot for real estate investment. This ranking is a result of the fulfillment of all the essential supply-demand factors necessary in determining a good investment property location.
Many investors are seeking opportunities in the Florida real estate for a good return on investment due to a stable and ever-growing economy. There are investment opportunities scattered throughout the state; however, significant cities are leading the chart for ethical investment. One of these top cities with excellent investment prospects for investors is Tampa. Request for Tampa’s number 1 real estate investment company assistance here!
In this article, we will highlight why a profit-oriented real estate investor should invest in Tampa property rather than just anywhere else. Read on to discover why you should invest in Tampa property.
Why Invest in Tampa Property?
Population growth influences demand property, and excellent investment destinations show a consistent increase in population. The population of Tampa is estimated at 392,890, which makes it the 53rd largest city in the United States. Tampa is part of a large metropolitan area called the Tampa Bay Area, with a population of 2.8 million. This population growth indeed is an excellent opportunity for rental and family property investors. This growth rate is a good reason why you should invest in Tampa property as an investor
Tourism forms the foundation of the Tampa, Florida economy, and Florida itself ranks as one of the world’s most popular holiday destinations. High tourism acts as an excellent reason to invest in the city. The holiday rentals offer excellent potential for top return on investment, particularly in vacation hotspots.
Excellent job creation
Job creation is another vital component in an economy and an essential factor to consider why you should invest in Tampa property. When it comes to employment, Florida also outpaces the US. Tampa has seen the job market increase by 2.3% over the last year. Future job growth over the next ten years is predicted to be 42.7%, which is higher than the US average of 33.5%.
Being a great place to live also means being a great place to work. Tampa has a thriving economy, which significantly helps the tax base. This help means that there is more money for city improvements, which in turn poses an extraordinarily positive impact on investment properties. The median household income in Tampa, FL, is $44,185, which is an excellent indication of a good and thriving economy that has convinced many successful investors to invest in Tampa property with the Investway Group.
Stable property market
The Tampa property market is hugely competitive. Properties in Tampa receive two offers on average and sell in around a month. Tampa’s average property sale price has once hit $255K, which has greatly increased over the years with no indication of reduction. The average sale price per square foot in Tampa is $158, an increase also over the years. Tampa keeps experiencing strong demand in properties, which has put considerable strain on inventory levels. These statistics seriously point out why more investors invest in Tampa property over the years.
Big rental market
While Tampa offers very affordable prices to investors, the same can’t be said for homebuyers themselves. Due to the tight mortgage regulations, and lack of savings, many first time homebuyers are unable to enter the market. This policy often makes most of them settle for rentals when relocating to enjoy Tampa’s thriving economy and excellent job opportunities. This trend has offered the buy-to-let investment in Tampa attractive returns to investors who invest in Tampa property.
There are many reasons why you should invest in Tampa property that cannot be exhausted in this article. As an early or experienced investor, if you are looking for an excellent place to buy your precious investment properties that can drive your investment goals, you should invest in Tampa property.