Tampa is expected to go up 10% in the next 12 months and has gone up 10% in the last 12 months. What that means to you is that if you had owned the property since early 2020, you would have made 20% of your equity.
That’s huge. That’s great, guys; you realize that the average sales price in Tampa is $300,000; that is crazy when you think that a few years ago, the average sales price was $150,000 to $200,000, this appreciation is essential and super beneficial for landlords to flip a rental eventually, so the average square foot price in Tampa Bay is anywhere from $185 per square foot to $190.
The average rental price in Tampa is about $1,400 a month, that’s an increase of 2% compared to last year. Also, 70% of the rentals in Tampa average a thousand dollars or more, and this is huge for those looking to buy rentals and get cash flow out of it. It’s perfect because you’re getting increases in equity every single year. You’re also giving yourself a rate on your cash flow every year.
Yes, we “do” find properties in the Tampa Bay area under $150,000. We see distressed properties, cheap properties that, after repairs, stay under $150,000. We can rent these properties for up to $1,500, making sure you make that the “one percent rule” applies to your property every month.
One of the reasons why rental prices are going up so much is the constant exchange of new buyers coming into the market buying apartment complexes. In the past few years, around 172 apartment complexes have changed hands and what happens is the new buyers didn’t want to demand better rents; they want to improve the property get better rents. And that’s why you see the overall community of rentals going up!
The market is “crazy”! On average, properties in Tampa are only taking a week to get on the contract seven days compared to 22 days last year.
To give you an example: the previous year, there were about 1,300 available properties for sale compared to only 900 this year, so that means that the stock continues going down, increasing prices. Great news for flippers because there’s going to be more demand for your property, and you’re going to be able to get more money for your property. Also, landlords are looking to finally flip that rental because now the property has a ton of equity, and the demand is enormous.
What are the Housing Statistics in Tampa Bay?
Tampa has a record of being one of the best long-term real.
According to Zillow’s data, estate investments in the U.S. Since 2012, the median home prices in Tampa have appreciated by roughly 124%, from $112,000 to $251,387. The Zillow Buyer-Seller Index (BSI) considers Tampa a seller’s real estate market. Home values in Tampa increased by 10.4% last year (2020) and are predicted to rise by 8.5% over the next 12 months. the median listing price of a house in Tampa is $299,900 based on the most recent report from realtor.com (November 2020). the square foot listing price of a home in Tampa is $180-190. Venturing into the world of real estate investing can seem like a daunting task, but with the proper guidance and information, you too can ace it!
Tampa has a record of being one of the best long-term real estate investments in the U.S. Since 2012, the median home prices in Tampa have appreciated by roughly 124%, from $112,000 to $251,387, according to Zillow’s data. The Zillow Buyer-Seller Index (BSI) considers Tampa a seller’s real estate market.
Tampa, the Metropolitan City
Tampa Bay is a densely populated metropolitan area, second only to Miami, with more than three million people. Major cities in this area include St. Petersburg, Largo, Clearwater, New Port Richey, Holiday, and Tampa. Tampa’s local economy is worth over $169 billion, and the metro area is the third fastest-growing city in Florida.
Tampa also has a robust local economy with a strong focus on job growth in STEM, financial services, and healthcare. The Greater Tampa Bay Area ranks among the country’s top 20 fastest-growing metro areas. With billions of dollars of residential, commercial, and infrastructure investments underway, it is one of the engines of the Florida economy.