Are you interested in Tampa, FL real estate investments?
Investing in rental properties allows potential for long-term growth. You can boost your monthly passive income and generate personal wealth down the road. As with any other investment, it pays to thoroughly understand the market and assets you invest in.
Investing in Tampa is a great idea. The local economy, tourism sector, climate, and infrastructure make it a valuable asset for any real estate investor. Purchasing a rental property in this Florida city comes with the potential for solid, long-term growth.
Tampa Real Estate Investment: Six Reasons You Should Consider Tampa
In this article, we’ll delve into the top reasons why you should consider an investment in Tampa. You’ll learn how this Florida area has strong reasons for sparking interest among successful property investors.
1. Great Property Appreciation Rates
The real estate in Tampa is appreciating fast. When you look at the statistics of the past decade, you’ll note that Tampa real estate has appreciated over 32%. Even a nationwide housing market downturn can’t reverse this trend in Tampa.
The current projections aren’t predicting a decline in this regard. It’s more likely that your Tampa investment property is going to appreciate over time, giving you that financial edge coveted by real estate investors across the nation.
2. Tampa (and Florida) is Tax-Friendly
As an investor, it’s crucial to think about your tax situation. The state of Florida has zero individual income tax. While you may have to pay state franchise tax, you’ll still enjoy a lower tax burden compared to most states elsewhere.
This is why Tampa is one of the best places to choose property investments. You may also enjoy rapid growth in other areas, but will you enjoy a similarly low tax burden? No investor wants to see tax bills topping their mortgage payments.
3. Property Investing is Affordable
Back in 2019, Tampa real estate market was named one of the nation’s hottest markets in numerous lists and analyses. The main reason behind this was the relative affordability of the properties for first-time buyers.
This means that you can get more for your investment in Tampa than in many cities elsewhere. You are able to purchase a more valuable property or leave some of your cash for future investments.
4. Lower Living Costs & Population Diversity
Even though Tampa is a huge city, the average cost of living is lower compared to the rest of the state and comparable areas across the States. This fact alone leads to more interest in moving to Tampa for many people.
At the same time, you have a very diverse population living in Florida. The varying backgrounds create a living environment that is inclusive and engaging. The welcoming nature of Tampa allows for further diversification to take place in the city.
5. Endless Sights & Activities
Tampa offers an abundance of dining options, entertainment areas, and outdoor activities in the city and its surroundings. Let’s look at some of the top opportunities available to Tampa residents and visitors alike:
- Cycle, jog or walk on the Bayshore Boulevard that spans 4.5 miles and offers some of the best views of Hillsborough Bay
- Get your chow on at Tampa Food Halls, the biggest food hall in the city with incredible views of Downtown and Hillsborough River
- Experience the Tampa Riverwalk, a beautiful promenade that winds through the Downtown area
- Explore the historic district of cigar manufacturing, Ybor City, which now boasts microbreweries and trendy bars
- Visit the Florida Aquarium with your friends or family, as this attraction has enough things to see to fill an entire day
6. Wide Variety of Neighborhoods to Choose From
As one of the most populous places in Florida, the city of Tampa and its surrounding areas provide many different communities to invest in. Let’s take a look at some of the top options available to you in Tampa, FL:
Hyde Park is a great option for anyone looking to stay near the sweeping vistas of Bayshore. Since most of the housing in Hyde Park retains its original architectural style, many residents value this neighborhood for its historic look.
Do you want to invest in a vibrant community? Located in the Downtown area, Channel District offers a superb mix of condos and apartments. The walkability score of Channel District is high and its residents are never too far away from Tampa’s major sights and attractions.
Growth-minded property investors shouldn’t discard West Meadows from their list of potential investments. This is a quickly growing neighborhood that has been booming since the 1990s.
Plus, the quality of life in West Meadows is great as it’s close to wonderful retail outlets and dining spots.
Spanishtown has been known to long-term residents as South Tampa. This neighborhood stands out from the rest due to its potential for outdoor lifestyle, low crime rates, and plenty of access points for high-quality education. However, the cost of living is higher in Spanishtown when compared to many other Tampa neighborhoods.
The Bottom Line: Reasons to Invest in Tampa
Tampa got hit hard by the Great Recession. However, the city kept pushing against economic hardships and reinvented some of its major areas along the way. Today, Tampa offers exceptional investment opportunities for in- and out-of-state real estate investors.
The property purchase and day-to-day living costs are affordable in Tampa when stacked against the rest of Florida and comparable cities across the nation. Once you have purchased your real estate, it’s likely that you’ll see good appreciation rates in the long run.
Some of the best neighborhoods for investing in Tampa include Channel District, Hyde Park, and Spanishtown. Since Tampa is a big city, you’ll find many other communities that are worth looking into.
If you’re in search of a property manager to help you manage your Tampa, FL rental estate, contact Cavalier Estates LLC today. We are a full-service company that provides all property management services to help you as a rental investment owner.