Over the past few years, the City of Tampa has been a choice destination for commercial real estate investors. The city has topped Business Insider’s 2019 best places in the US for first-time homebuyers to invest in real estate. Most recently, it’s been featured in the 15 Best Cities to Buy a Rental Property for Investment in 2020 by MoneyCrashers.com.
Why are investors flocking to “America’s Next Greatest City”? This article will tell you exactly why buying an investment property in Tampa, Florida is a great idea.
Tampa has a strong local economy
Tampa is one of Florida’s largest metro economic areas. The city owes its economic growth to the following sectors:
- Real estate
- Business services
- STEM (Science, Technology, Engineering, and Mathematics)
- Hospitality and tourism
Combined, the businesses above are worth $130 billion, making Tampa one of the fastest-growing metros in the US. The diversity of investments has proven irresistible to everyone, from retirees looking to augment incomes to millennial entrepreneurs.
In fact, Tampa has been recognized by Fortune and Money magazines as one of the best cities to start a business.
Tampa’s population growth means more investment opportunities
Credit the thriving economy and growing employment opportunities for Tampa’s population growth. Moreover, the rich arts and culture scene, diverse population, and pleasant weather add to the quality of life Tampa offers.
As more people move to the area, expect investment opportunities to rise as well. For example, the influx of new residents may mean an increased demand for rental properties like condos and multi-family homes.
Tampa’s location is ideal
Tampa is located on the west coast of Florida within the Tampa Bay Area. The city is easily accessible through land, sea, and air. An airport, cross-bay ferry, and train make Tampa highly accessible. The sunny weather and picturesque beaches make it a great destination for everyone.
For investors looking to capitalize on the hospitality industry, buying commercial property within the area is a smart move. The city offers plenty of great shopping, dining, entertainment, and outdoor recreation. These perks are some of the reasons tens of millions of tourists visit Tampa each year.
Tampa offers a diverse array of real estate
It’s easy to find your ideal Tampa investment property because the city’s real estate inventory is diverse. Check out properties in a range of locations.
For those interested in vacation rentals, beachside condominiums and gorgeous waterfront properties abound in West Tampa, where the city’s most popular beaches are found.
For those looking for other commercial properties such as retail and office space, view the properties for sale in Downtown Tampa. Whether you’re into the hospitality industry or retail, this city offers plenty of investment opportunities waiting to be explored.
Tampa’s affordable properties promise a high return on investment
Savvy investors are always on the lookout for the best deal and buying Tampa real estate investment provides just that. The price of investment property in the city has remained relatively low compared to nearby areas.
According to the financial technology website SmartAsset.com, the city also has a price-to-rent ratio of 18.01 which means they’re great for investors looking for long-term leasing in the housing market.
Keep in mind that rent fluctuates depending on the neighborhood and the amenities in the area. Where your property is located affects your ROI. Expect steeper rentals in denser areas like Downtown Tampa, for example.
Tampas’s tax policies are ideal
One of the best perks of investing in Tampa is the absence of a state income tax for individuals. The tax burden in Florida is only 6.56% making it one of the lowest in the US. The local government does collect property taxes but eliminating one tax burden remains Tampa’s clear edge for potential investors.
To invest in Tampa, Contact Viewpoint Realty International
Get a head start on your investment journey with the help of Viewpoint Realty International. We’re a full-service real estate brokerage and the leading hospitality investment specialists in the area. Our track record speaks for us, as we are consistently recognized as one of the Top 25 Commercial Real Estate Brokers in Tampa Bay.
We’ll be there for you every step of the way, from finding your ideal commercial property investment to closing the deal.
For more than 40 years, we’ve been helping investors achieve their real estate goals. Let us help you achieve yours.