Metro Population: 3.1 M
Median Household Income: $65,000
Unemployment Rate: 3.4%
Median Home Price*: $120,000
Median Monthly Rent*: $1,075
Located on the west coast of Florida, Tampa Bay is a densely populated metropolitan area, second only to Miami, with a population of more than four million people. Major cities in this area include St. Petersburg, Largo, Clearwater, New Port Richey, Holiday, and Tampa. Tampa’s local economy is worth about $130 billion and the metro area has been ranked as one of the top 20 fastest growing in the country.
Tampa also has a strong local economy with a strong focus on job growth in areas such as STEM, financial services, and healthcare. The Greater Tampa Bay Area is consistently ranked among the top 20 fastest growing metro areas in the country and with billions of dollars of residential, commercial, and infrastructure investments underway, it is one of the engines of the Florida economy. In 2016 alone, the Metro Tampa Area added 40,000 new jobs to the community giving it the fastest growth in the state and one of the fastest in the country.
More than 19 firms, with annual revenues of more than $1 billion, are headquartered here and it is home to four Fortune 500 companies. Tampa has a very diverse economy with financial services, STEM, health care, research, education, tourism/retirement, and military bases all making significant contributions to jobs and growth.
In the first quarter of 2017, there were 14 venture capital deals in the Tampa-St. Petersburg-Clearwater metropolitan area; this made Tampa the 24th most active metropolitan area for venture deals in the first three months of the year, according to the PitchBook-NVCA Venture Monitor. These deals totaled $54.5 million.
Fun Fact: Though known for hot summers, Tampa’s official high has never reached 100 °F. The city’s all-time record temperature is 99 °F (37 °C).
Why Invest Here?
A strong local economy, rapid population growth, and a focus on job creation (especially in STEM, financial services, and healthcare industries) are just a few of the many factors that make Tampa a strong market for buy and hold real estate investments today. This is especially true for investors who are looking to invest in a quickly growing real estate market while prices are still low, as well as generating strong monthly cash flow and having a good chance for appreciation.
Tampa is Creating Jobs
•In the past year the number of jobs in Tampa has grown by more than 2%. This is 18% faster than the 1.73% national average.
•This shows us that Tampa has created more jobs in the last year than many other U.S. metros.
Tampa’s Population is Growing Rapidly
•Since 2010 Tampa’s population has increased by just under 11%. This is 105% faster than the national average during this period.
•This shows us that Tampa’s population is growing at a faster rate than most other U.S. cities today.
Tampa is Affordable
•As of January 2018, the median price of 3 bedroom single family homes in the Tampa metro area was $193,000. This is 5% lower than the national average of $202,000.
•In the neighborhoods where RWN members invest, the median price of 3 bedroom homes in Tampa was $120,000 in January 2018. This is 32% lower than the national average of $202,000.
•This shows us that property values in Tampa are much more affordable than many other cities across the nation today, especially in the areas where RWN members invest.
Tampa Home Values & Rents are Rising Steadily
•In January 2012 median price of 3 bedroom homes in Tampa was $91,000. This means that, in the last 6 years (Jan 2012 to Jan 2018), 3 bedroom homes in Tampa have appreciated by 66%. During the same period, 3 bedroom homes increased by 41% nationwide.
•In January 2012, the median rent for 3 bedroom homes in Tampa was $1,075. This means that, in the last 6 years (Jan 2012 to Jan 2018), Tampa rents have appreciated by 16%. During the same period, 3 bedroom homes increased by 17% nationwide.
•This shows us that
home values are appreciating at a faster rate and rents are appreciating at a
slightly slower rate than other cities across the nation. However, Tampa’s
rapid population and job growth make it likely that demand for housing will
continue to rise. And if demand continues to increase, property values and
rents will almost assuredly follow.
Whether you are local to Tampa, or investing from elsewhere it is a good time to invest here. However Sellers are wary about tying their property up with conditional offers to finance that can take months to finalize. This is where a Hard Money Lender can help. Yes the rates are higher, however the term is shorter, allowing you to purchase the property (often beating out other offers that had extended financing conditions) and then take your time to acquire a traditional low interest loan from a standard lender without having to pay onerous prepayment penalties.
An experienced Hard Money Lender is TempBridge Inc. They know the area and they know revenue properties whether they be commercial or multi-family. Find out more at www.tempbridge.ca.
