Investing in income property can be incredibly profitable, if you know where to look, and when to invest. There are a number of factors to consider: a strong economy, rising job market, and property prices in the area are just a few of them. When all of those indicators line up, it is a great time to invest.
One metro area that meets all of the above factors and more, is Tampa. Tampa is located on the west coast of Florida, and is one of the top five largest metros in the Southeastern Unite
d States. What may surprise many, and what makes the metro especially unique, is that it is outpacing the nation for job growth.
These employment gains are strongest amongst the hospitality and education sectors, but are further inflated as a result of several large companies expanding in the metro. Johnson and Johnson will be adding 500 jobs with an average salary of $75,000. Conifer Health will also be expanding and hiring 125 new workers at their Franklin Templeton Center, supporting rental demand in nearby St. Petersburg.
While the increase in jobs will continue to strengthen the economy, it also presents strong real estate opportunities in the area. Income properties are on the upswing with a median price of $97,500, up 10% from where they were last year. Demand for rental properties is expected to rise further based on the increased need for qualified workers, and will also be fueled further by the large population of retirement-aged individuals in the area.
The SFR investment opportunity in Tampa is primed and ready; this is a market that should not be missed. HomeUnion®’s research services team has assembled a detailed report on the Tampa region, which further shows why Tampa presents strong signals for purchase. Download the report to learn more.