Tampa, Florida attracts an array of real estate investors and has been doing so for a significant period. Its bustling metropolitan life, peltry of universities, hospitals, corporate headquarters, diverse restaurants, and centralized location are all a perfect mix for investors to continue seeking investment opportunities.
This article by Paul Turovsky will explore why the area still attracts so many real estate investors and why that trend isn’t expected to stop soon.
Tampa is a Fast-Growing City
Tampa has been growing very quickly and is projected to continue to see an increased rise in growth in the coming years. Specifically, Tampa grew 1.3% in population in 2021 and is estimated to grow 3.3% annually in the next few years. Experts expect approximately 126,000 new residents to move into the Tampa metro area by 2024.
According to a data analysis conducted Tampa takes place 3 on the list of top US cities people are looking to move to. With steady job growth and higher-paying professional and business services, Tampa’s business expansions have been sparking even more economic growth in the city. This creates a higher demand for housing.
Tampa Has a Healthy Economy
Since the US has been facing such high rates of inflation and is expected to undergo an economic recession in the future, Tampa has been subjected to a bit of these difficulties as well, with an unemployment rate of 5.0% and a recent job growth of -4.7.
In comparison to the rest of the US at a 6.0% unemployment rate and 6.2% recent job growth, Tampa isn’t faring too badly during these financially difficult times. Additionally, Tampa is expected to experience a future job growth of 42.7%, whereas the rest of the United States is only expected to see a future job growth of approximately 33.5%.
Tampa Attracts People from Everywhere
Many people of all ages and backgrounds are interested in moving to Tampa, Florida for various reasons. For one, downtown life has been bustling and is projected to continue to grow in Tampa, making accessibility to stores and entertainment much easier. Additionally, Tampa housing although not cheap is still relatively affordable compared to other Florida cities such as Miami.
Tampa has beautiful tropical weather year-round, a positive feature for almost any person. Plus, Tampa is known for technological innovation, so it’s a great place for those employed in the tech industry to launch their newest ideas and startups. Finally, Tampa provides a strong workforce because of its many higher learning institutes.
Tampa, Florida will continue to attract real estate investors because of how much opportunity and benefits it offers residents looking to move in. With so much to offer potential home buyers and renters, investors would be hard-pressed to find another city to invest in.
Tampa is not only growing fast from a real estate perspective, but also its population and the economy. With relaxing and enjoyable tropical weather that rarely ceases, it’s hard not to consider investing in this growing city.