Most real estate investors are on a weekly lookout to assess the property situation due to COVID-19. Many pay especially close attention to what’s happening in red-hot markets. One such example is the Tampa Bay Area located on the west coast of Florida. Tampa and the surrounding region has topped investment housing power rankings for the last several years. 2020 is no different.
With this in mind, let’s take a close look at the state of the Tampa Bay Area property market in 2020:
Strong Rental Market
A reliable indicator of the strength of a real estate market is the demand for rental housing. Rental property management in Tampa is booming, which is a good sign the demand for rental housing is high. If you take a keen look at the local economic growth, you’ll see the reasons why.
Unlike the national statistics that depict lots of job losses in the US, Tampa continues to register job opportunities growth. It is mostly due to many industries and fortune homes headquartered here. Additionally, it has a strong focus on healthcare and financial services. All these provisions make it one of the best real estate markets in the country.
Increasing Home but Affordable Home Prices
If you try purchasing an investment property in Tampa, it may seem too expensive, but taking a national look gives you a second thought. The prices are affordable compared to other parts keeping in mind the size and facilities around it. You, therefore, should opt to buy a home in Tampa rather than renting one.
The increase in prices is due to the disturbance in real estate on demand and supply. However, despite the increased costs, relative affordability is expected to continue in Tampa in 2020.
A Sustainable Market Growth
A stable real estate market is every investor’s wish this year. Luckily, home market value in Tampa continues to show a higher growth rate than last year. It gives you all reasons to set your eyes on the area without fear of the housing bubble that many speculate.
Real estate appreciation has also been consistent in Tampa, which could give way for competition as more people seek greener pastures.
Expanding Metro Area
Tampa is home to various industries that contribute massive revenues to the economy. Some of the sectors include financial services, technology services, defense sector, research firms, and medical institutions.
Due to its location, you will also find parks and beaches that present a perfect vacation destination and with the rapid expansion, the right lowball offer may get you into a property you once thought impossible. The sectors make Tampa Bay a big metro area that also reflects in the housing market.
No Airbnb Regulation
Short-term rental regulations are currently being enforced in the country, making you think about Tampa Airbnb laws. The state of Florida has prohibited municipalities and the local government from passing laws that forbid short term rentals.
Fortunately, Airbnb reached an agreement with Hillsborough on tourist taxes, which will help Tampa’s economy maintain steady growth. A recap at last year’s revenue from holidaymakers presents the area as the best place to buy homes.
A Significant Increase in Population
Population growth is a significant determinant in the forecasts you make regarding the real estate market in Tampa. With an increase in population, you expect a spike in housing demand on the purchase and rental side.
The city continues to welcome more people at a fast pace, increasing the need for more housing in 2020.
The Tampa Bay housing market has seen a continuously growing trend, and the current pandemic does not seem to slow it. The demand for property management remains strong as its population increases thanks to the booming economy, tourist attractions, job opportunities, government facilities, and more.