Best Areas to Invest in Tampa
Are you thinking of investing in real estate? Selecting the right location is key to ensuring the success of your investment!
The city of Tampa is a beautiful place to live, work, and play. With ample sunshine, warm weather, beautiful beaches, and countless things to do, it’s no wonder the rental market is thriving.
If you are looking to invest in the Tampa real estate market, now is a perfect time! Broadly speaking, the Tampa real estate market is very hot at the moment. The following are some of the reasons that make it a prime location for real estate investing:
- Population Growth -The population is growing. This means that the city’s real estate market has to keep expanding to accommodate new residents. This presents a great opportunity for investors.
- Good Economy - The economy is strong and diverse in the area. The economy is supported by industries such as healthcare, real estate, insurance, finance, professional sports, and air and sea shipping. Tampa is also home to a number of Fortuna 500 companies.
- Tourism - The city of Tampa is home to a high concentration of tourist attractions. Some of the most popular attractions include Legoland Florida Resort, Busch Gardens Tampa Bay, and Adventure Island.
- Property Value - Properties continue to appreciate in value year after year. The real estate appreciation rate in Tampa in the last quarter was estimated at 9.43%, which equates to over 43% in annual appreciation rate.
With all this in mind, clearly, Tampa is a great investment destination for any savvy real estate investor. That said, in order to ensure strong returns on your investment, you need to make sure that you select the right neighborhood.
In this article, we here at Best Rental Services will go over the top areas in Tampa that you could consider for your next property investment. These neighborhoods are the most promising for real estate investors looking to maximize their return on investment.
Best Tampa Neighborhoods to Buy Real Estate
Choosing the right location is key when it comes to buying a real estate investment. The right one will ensure a high appreciation, as well as strong occupancy rates for maximum ROI, among other things. On the other hand, the wrong location will simply mean the opposite, resulting in added stress.
If you’re searching for the best location to buy a rental property, consider the following areas in Tampa, Florida:
Channel District is located in Hillsborough County and is home to about 2,000 residents. It’s bordered by Garrison Channel on the south and Ybor Channel on the east. Notable attractions in this area include the American Victory Museum, Florida Aquarium, the Small Business Development Center at the University of South Florida, and Channelside Bay Plaza.
In addition, the neighborhood is also conveniently located close to downtown and major waterways. The most common property type in this neighborhood is condos. Due to its proximity to major attractions and the downtown hub, investors could target several groups of renters including those working in the city or tourists.
Hyde Park is one of the best custom home neighborhoods in Tampa Bay. The neighborhood is located in Sarasota County and is home to about 21,000 residents. The historic neighborhood and district include Hyde Park Village, Bayshore Boulevard, and SoHo.
Among other attractions, Hyde Park is home to one of the country’s oldest movie houses, the Bayshore Boulevard. The neighborhood is also close to South Tampa. Access to these areas and attractions are major selling factors for tenants.
The city of South Tampa is located in Hillsborough County. Some of the neighborhoods in this area include Beach Park, Ballast Point, Davis Islands, Belmar Shore, Virginia Park, New Suburb Beautiful, Golfview, and Port Tampa.
South Tampa is surrounded by West Tampa to the north, Hillsborough Bay to the east, and Tampa Bay to the east. Homes here come in all shapes and sizes and include townhomes, luxury lofts, condos, as well as duplexes, and split-levels. This means that investors can select properties based both on their budget and target tenant demographic.
Once the cigar capital of the world, Ybor City is now a community conveniently located just northeast of downtown. Today, Ybor City features diverse restaurants, eclectic retail stores, a thriving influx of growing corporations and small businesses, as well as a growing number of new residential units.
It’s also the only neighborhood on the west coast of Florida to be designated as a National Historic Landmark District. The neighborhood is also considered to be more affordable than Hyde Park and South Tampa, which could make a good option for newer investors or those looking to renovate a property before renting.
Seminole Heights is a historic neighborhood and district located in central Tampa. It’s home to about 18,000 residents. The sun-speckled neighborhood offers gourmet dining, eclectic shops, and a unique bar scene.
Some of the attractions in this area include Sulphur Springs, River Ventures, CPonies, Bank of Sulphur Springs, and River Tower Park.
Carrollwood, Florida is one of Tampa’s original suburbs. Most homes here were built anywhere between the 1960s and 70s, with the majority being apartments, single-family homes, and condo complexes.
The neighborhood features tree-lined streets, orange groves, and lakes. If you are in the market for a million-dollar waterfront home, you should start your search here.
In a Nutshell: Best Real Estate Markets in Tampa, Fl
Tampa's real estate market is thriving. The employment opportunities, growing population, plenty of attractions, and other desirable features have led to increased demand for housing. If you’re planning to buy a real estate investment in Tampa, you should consider the aforementioned areas.
At Best Rental Services, our team has over a decade of experience in the Tampa real estate market. Our specialty is in single-family homes, apartments, multi-family, condos, and vacation rentals. Don’t hesitate to get in touch with us if you’ve got any questions regarding the investment opportunities in Tampa, Fl.