Orlando isn’t the only Florida city to benefit heavily from flocks of tourists. Neighboring Tampa saw tourism revenues reach a record level last year, and the metro will draw even more business and leisure visitors in the coming months. Local attractions, including museums, zoos and theme parks, as well as events such as this year’s NCAA men’s hockey tournament will make the market a popular destination.
Tampa’s growing tourism numbers are a strong signal for real estate investors to start looking into Tampa residential properties, since the rise in tourism is projected to spur job growth in 2016. The correlation behind this is that more job positions need to be created to help handle the influx of visitors. These types of positions fall under the leisure and hospitality sector, which is a key driving factor for rental demand.
Another positive factor for investing in Tampa is low home prices. Tampa has kept the median investment sales price 30% below the peak price in 2005. Low home prices coupled with growing visitor numbers means it’s a good time for individual investors, like yourself, to get your share of the Tampa residential market.
To learn more on why Tampa is a thriving location for real estate investing, download the full 2016 report that includes additional information on Tampa’s economic climate as well as other hot markets like Orlando and Jacksonville.