Top LocationsTampa Real Estate Market 2019: Where to Buy Rental Property by Heba Baker July 27, 2019July 25, 2019 by Heba Baker July 27, 2019July 25, 2019Investing in rental properties is one of the best real estate strategies for the US housing market. However, real estate investors shouldn’t just choose whatever location and hope for the best. Instead, make smart, strategic decisions and only invest in the best places to buy rental property. One such location (which we have analyzed for you) is the Tampa real estate market. Why is it such a strong market for long-term rentals and where can you find top-performing Tampa investment properties? Let’s take a closer look.5 Reasons to Invest in the Tampa Housing Market 2019Tampa Bay is the second-largest populated metropolitan in the Florida real estate market. With a local economy worth $130 billion, and a metro area that ranked as one of the 20 fastest-growing markets in the US, the Tampa real estate market is definitely one that property investors want to be in. Let’s get into exactly what it is that makes a Tampa real estate investment in traditional rentals so profitable in 2019.Here are some key Tampa real estate market trends:1) Strong Job and Population GrowthBeing consistently recognized as a high growth market, it’s no surprise that Tampa welcomes a new wave of people every year looking to call Tampa home. Over the past two years, the Tampa population has increased by an impressive 4.6 percent. People are moving to Tampa, and it makes sense why. The sunny beaches are not the only thing attractive about this city- its job market is too. STEM, financial services, and healthcare are just a couple of industries experiencing high job growth in Tampa’s local economy. And, with the headquarters of four Fortune 500 companies and a diverse economy, unemployment isn’t an issue for Tampa residents. Especially when you consider the fact that the Tampa metro area contributed about 40,000 new jobs in 2016 which helped boost Florida’s overall economy.2) Growing InventoryAccording to Zillow, the Tampa real estate market is currently neutral. Meaning it isn’t really leaning towards either side of the market- both buyers and sellers can score good deals. However, with such rapid growth in population and local economy, Tampa is heating up in the eyes of real estate investors and homebuyers.Still, the construction of new residential property is what’s keeping the market balanced between a seller’s market and a buyer’s market. The PWC’s Emerging Trends in Real Estate 2019 survey ranked the Tampa real estate market second out of 79 cities in regards to homebuilding prospects. So for the foreseeable future, Tampa real estate investors will find a sufficient level of housing inventory.Related: Should I Buy Investment Property in a Buyer’s or Seller’s Market?3) Increasing Home Values but Affordable Selling PricesTampa real estate has increased in value by 3.2 percent over the past year and is currently holding a median home value of $218,900. While homes in the Tampa real estate market are appreciating at healthy levels, Tampa houses for sale are still quite affordable. With year-over-year growth of 4.9 percent in the home sale price, property prices are increasing, but relative to the nation, the Tampa real estate market is not expensive. In 2018, the median selling price of Tampa single-family homes was $236,000 (below the national median of $266,900).4) Strong Rental MarketWith all this talk about a large population and a strong housing market, real estate investors still need to know how profitable the rental market in any city is before investing. In the Tampa real estate market, over half of the population (53.3%) rents their housing. Combine this wide renter pool with the 2.6 percent year-over-year rent growth, and you’ve got yourself a strong rental market in Tampa. Search for My Investment PropertyRelated: 5 Steps to Conducting an Accurate Rental Market Analysis5) Stable Citywide ReturnsBefore listing the best places for rental property performance in the Tampa real estate market, we’re going to give you an overview of how long-term rental properties perform in the city. Using data and key calculations from Mashvisor’s investment property calculator, here is how Tampa rentals perform on average:Median Property Price: $739,706Price per Square Foot: $501Price to Rent Ratio: 26Average Days on Market: 51Monthly Traditional Rental Income: $2,372Traditional Cash on Cash Return: 1.1%The Tampa real estate market has 177 constituent neighborhoods. Taking the average performance of so many different local markets can skew the actual profitability level of investing in Tampa. For example, the median property price of $739,706 doesn’t mean all Tampa properties for sale are that expensive. And the average return rate of 1 percent doesn’t mean all investments have a low return. Because neighborhoods performing at all different levels are included in the calculations, real estate investors need more of a deep-dive into the Tampa real estate market for optimal investment results.Related: Top 5 Reasons to Invest in Tampa Real EstateLet’s breakdown the Tampa housing market based on rental property performance in different neighborhoods.The 6 Best Neighborhoods in Tampa for Long-Term RentalsAgain, using data from Mashvisor’s calculator, we will be listing the top-performing neighborhoods for Tampa investment property in 2019:MacDill AFB AreaMedian Property Price: $215,000Price per Square Foot: $141Price to Rent Ratio: 8Average Days on Market: 17Monthly Traditional Rental Income: $2,230Traditional Cash on Cash Return: 6.8%East YborMedian Property Price: $126,738Price per Square Foot: $119Price to Rent Ratio: 8Average Days on Market: 55Monthly Traditional Rental Income: $1,285Traditional Cash on Cash Return: 6.3%Channel DistrictMedian Property Price: $506,773Price per Square Foot: $303Price to Rent Ratio: 16Average Days on Market: 98Monthly Traditional Rental Income: $2,566Traditional Cash on Cash Return: 3.4%Northview HillsMedian Property Price: $138,726Price per Square Foot: $110Price to Rent Ratio: 11Average Days on Market: 86Monthly Traditional Rental Income: $1,025Traditional Cash on Cash Return: 2.9%RattlesnakeMedian Property Price: $541,890Price per Square Foot: $257Price to Rent Ratio: 12Average Days on Market: 148Monthly Traditional Rental Income: $3,861Traditional Cash on Cash Return: 2.9%Live Oaks SquareMedian Property Price: $139,481Price per Square Foot: $98Price to Rent Ratio: 12Average Days on Market: 97Monthly Traditional Rental Income: $1,004Traditional Cash on Cash Return: 2.8%The Tampa real estate market is full of investment potential and is the ideal location for investing in rental properties. Real estate investors just need to know where to look and which tools to use. Mashvisor’s got you covered in both of those aspects. Do you have a free Mashvisor account? Use our Property Finder to find lucrative investment properties that match your criteria in a matter of minutes! Start Your Investment Property Search! START FREE TRIAL NeighborhoodTampa FLTraditional 0FacebookTwitterGoogle +PinterestLinkedin Heba BakerHeba is Content Writer at Mashvisor with a BA in Business Administration. Most of all, she enjoys writing about the constantly changing markets in the US real estate industry. If not writing, Heba is exploring and learning. Previous Post 7 Things You Need to Know About Commercial Real Estate Next Post 11 Best Tips for Successful Real Estate Prospecting Related Posts 3 (Surprising) Best Airbnb Locations to Invest In Indianapolis Investment Properties: Why and Where to Find Them in 2018 20 Most Profitable Locations for Traditional Rentals in 2020: Cash on Cash Return Indianapolis Housing Market 2019: Here’s Exactly Where to Invest 9 Best Cities for Traditional Washington Real Estate Hawaii Real Estate: Most Affordable Places for Traditional and Airbnb Investments 2018 Top Performing Cash on Cash Return Neighborhoods in Pittsburgh Long Beach Real Estate 2020: Time to Invest? The Ultimate Guide to Investing in Boston Short Term Rentals in 2018 Sacramento Housing Market 2020: Why and Where to Invest Price-to-Rent Ratio: Everything You Need to Know Greenville SC Real Estate 2020: Should I Invest?