We’ve all known about the lure of investing in Florida for a long time. It’s not been unheard of for people to jet in from Phoenix and immediately purchase a Sarasota property, just to get on the real estate ladder in the area.
Additionally, this ladder seems to span across all types of real estate. Residential, retail and commercial are all affected and anyone who does get in on the act knows they are set for a long, fruitful project.
However, the big news scoop at the moment surrounds Tampa Bay. This is the area which seems to be outperforming everywhere else and we have today tapped into the knowledge of local journalist Shaun Benderson, to see what all the fuss is about. Let’s take a look at some of his comments in relation to Tampa Bay.
The boom of short-term rentals
In truth, this is something which is easier than ever before to analyze now. Once upon a time it would have taken a lot of datasets to dig into, but the emergence of Airbnb rentals means that it becomes very clear, very quickly, that Tampa Bay is the hotspot for short-term rentals.
For example, it has been found that some neighborhoods can charge as much as $2,000 for the average rental period. If we were to dig into specific neighborhoods, South Seminole Heights tends to be the most lucrative for investors.
Tampa Bay is now more appealing for tourists than ever before
Up until recently, any tourist who mentioned Florida was probably going to talk about Miami in the same breath. This is something that has started to change significantly, with Tampa Bay regularly taking the mantle in this regard.
Put simply, tourists jetting in from all over the world don’t necessarily want to experience the big-city life that is so apparent in Miami. Instead, something smaller is on the cards, with that smaller alternative usually coming in the form of Tampa Bay. Of course, it’s not just size that matters, it should also be noted that the cost of living in Miami has risen significantly over recent times and some people just want a cheaper alternative.
However, the definite message is that tourism trends have changed and for now at least, this has benefited Tampa Bay from an investment point of view substantially.
It houses more jobs than ever before
Both of the previous points should pave the way for this next one; the fantastic jobs market that Tampa Bay now has on offer. Again, for a number of years it may have lived in the shadow of the likes of Miami and Orlando, but now it’s really coming into its own.
The progression of tourism in the area means that more workers are required. The upshot of this is that demand for real estate suddenly becomes higher, and we all know the knock-on effects that are then put in front of the eyes of the savvy investor.