The Sunshine State continues to see hot housing rentals markets, and Tampa real estate is no exception. Digging into Tampa’s real estate stats, we find that the current average rent for an apartment in Tampa is $1,140, a 3 percent increase compared 2017. Two-bedroom houses for rent in Tampa averages at $1,282, while one-bedroom apartments ask on average $1,057 and the average rent for a studio apartment is $821.
Tampa real estate market, like any other, is affected by rapid population growth. Currently, the Greater Tampa Bay area has a population of slightly over 4 million residents, becoming the most populous of any metropolitan area in Florida. With the high population growth, a strong local economy, and a focus on job creation, it’s no wonder that Tampa Bay rentals have been looking strong for years. 2018 marks the sixth consecutive year that the median monthly rents for all houses for rent Tampa Fl, rose year-over-year. And more than likely, this trend will continue in 2019 and beyond. Although monthly rent is rising at a slower rate, we can expect the demand for houses for rent in Tampa to increase and rents to go up, especially if population, economic, and job growth trends continue. With the allure of better prospects, many people (including real estate investors) are now contemplating moving to Tampa, and some have already started taking the initial steps to do so. To help you have predictable expectations on Tampa Bay rentals and make safer investment choices, here are some Tampa Bay rental market trends to expect in 2019.
An Upsurge in Short Term Rentals
One of the fastest growing trends that will, in no small degree, revolutionize Tampa Bay Rentals in 2019 is short term rentals on Airbnb and other platforms. These platforms have become the new choice for more frugal Tampa Bay visitors who wouldn’t normally front the cash for traditional hotel stay. If last year’s stats is anything to go by, the company is here to stay. Airbnb stats show that the company marked a whopping 75% guest pool increase between 2016 and 2017. Florida received approximately 2.7 million guests in 2017, where 40,000 vacation rentals hosts earned a combined $450 million. As a result, many real estate investors are moving to Tampa Bay in droves in a bid to capitalize on this fast-growing trend – short term rentals and vacation rentals. This can only mean one thing; Tampa housing market will not decline. The median home value as well as monthly rent will increase.
Low Vacancy Rate
As 2018 comes to an end, Tampa Bay remains a seller’s market – there is a growing demand for investment properties. That means the occupancy rate will increase significantly. Why? Because of population growth which can be attributed to migration, job growth and income raises. With the high occupancy rate, 2019 Tampa real estate market presents an excellent opportunity for real estate investors to throw their darts at the board, and hope they stick. They (investors) will not only make strong recurring monthly cash flow, but have a good chance for appreciation as well.
Houses for Rent Tampa Fl
With all that 2019 holds for Tampa rental market, moving to Tampa now is a bold move. If you are looking for houses for rent Tampa Fl, or an investment property in the surrounding areas, you’ve come to the right place. With our extensive industry expertise, Tampa Bay Realty and Investment Group can help you with all your real estate needs. Better still, match your needs and budget. Call us for a consultation regarding your particular real eastate goals.
