Are you thinking about investing in property? You might want to take a look at investing in Tampa, FL. It is rapidly growing and developing, making it a hub for economic activity. With a steadily increasing population, there is a demand for new businesses and services, thereby creating job opportunities. 

Its prime location has also made it a popular tourist destination, resulting in a thriving tourism industry. Tampa has a diverse economy, with strong sectors in finance, healthcare, technology, and education. Such innovation and diversity imply that investors have a higher chance of success when investing in the region.

Tampa has an excellent quality of life, making it an attractive place for investment. The region prides itself on desirable weather, ample outdoor recreation options, and a wealth of cultural and entertainment activities. Making an investment in Tampa would be a wise and profitable decision that would allow one to enjoy the impressive economic growth and excellent quality of life.

In this article, the team from Outfast Property Management will advise you on why you should invest in Tampa, FL. 

Good Weather

Similar to other parts of the state of Florida, you can expect a majority of the year to have good weather and sunshine in Tampa. During the winter it can get a little chilly, however you are still able to walk around with a light layer of clothes.

Tourism is high in the winter as snowbirds come to Tampa to  escape the cold. As a property owner, you can choose to take advantage of the increase in visitors and convert your unit to a short-term unit. 

Redevelopment Opportunities 

The downtown area has been the subject of concern over the years. Properties and the surrounding amenities were in a deteriorating state leading to a decrease in demand and value over the years. However, the area is receiving a facelift thanks to a multi-billion investment next to the waterfront. 

Estimated at $13 billion, the investment is bound to redevelop the area leading to growth in all property sectors; commercial, residential, and industrial. For the cautious investor, an investment here is bound to give them good returns in the near future. 

Student Housing 

For the innovative investor, you can choose to invest in student housing. When you walk around Tampa, you will get to notice the large groups of youth in the area. This can be attributed to the universities in the area.

Some of the notable universities include the University of South Florida, University of Tampa, Saint Leo University, and Pasco-Hernando State College. Student housing is quite a niche residential investment. For you to make it work, you need to ensure your property has the right mix of amenities and services. 

It is recommended that you partner with an experienced property management company in Tampa. They would be able to advise you on which amenities to install for a viable investment. 

Thriving Economy 

As a potential property owner, you should be on the lookout for financially stable markets. You can rest assured that the local economy is performing well and you never have to worry about gaps in your rental income.

The area boasts of high employment rates thanks to the presence of several national and multinational companies in the region. Tourism, healthcare, engineering, tech, and research are some of the major contributors to the local economy.  

Business-Friendly Environment 

Compared to other states such as Illinois, California, and New York, the business environment in Florida is quite friendly. For starters, there is no state income tax in the State. 

With regards to property tax, the rates vary from one county to the next. Get in touch with a local property company that can advise on the property and the applicable taxes per county. 

Florida also doesn’t have any rent control policies. Rent control laws often dictate the rent, security deposit, and lease terms. They are often in favor of the tenant. You can enjoy the financial freedom of renting your property in Tampa, Florida. 

Affordable properties 

When buying investment property in Tampa, you may notice that residential properties have been increasing in demand over the past few years. With people moving away from the city centers an increased appeal for residential properties occurred. Tampa is one of the key areas that benefited from the demand.

Despite this, the price of property in Tampa is still quite affordable. New investors don’t need to break the bank or take a sizable mortgage to purchase their real estate assets. 

Demand Beats Supply 

While there might be some new home construction being carried out in Tampa, it doesn’t compare to the expected demand. This is good news for you as a potential property owner. Limited housing stock means that the demand for housing will only be met by a limited supply of housing in the area. 

You can enjoy both an appreciation in value and an increase in rental prices in the long run. One particular residential sub-market that has been experiencing good demand in the recent past is single-family residences. 

Couples are looking to move from condos and apartments to single-family residences which will offer better family-friendly amenities. 

Conclusion 

With an increase in demand from renters, good weather, and a business-friendly environment, Tampa is one of the leading property investment options. Provided you choose the ideal residential asset. 

Proper management has the power to break or make your investment. Should you lack the time or experience, you can rely on the expertise and experience of the leading property firm in Tampa. 

Outfast Property Management has considerable experience managing a wide range of properties in the area. You can rely on us for all of your property management needs. Get in contact with us today!