Also known as Tampa Bay, Tampa- St Petersburg, Tampa-St Pete-Clearwater
Many real estate investors from around the country have determined that Tampa Bay is a great target area for real estate investing. But why is that? And where exactly is “Tampa Bay”?
What/Where is Tampa Bay?
Tampa Bay is technically a body of water – It\’s a large natural harbor and estuary on Florida\’s west coast, connected to the Gulf of Mexico. As such, it is a major shipping and cruise port, and a major economic engine for the region.
But the term Tampa Bay has also come to signify the surrounding metropolitan areas. We refer to Tampa Bay in the same sense that the San Francisco Bay Area residents refer to the The Bay Area, and for the same reason: We all share access to the same body of water.
There are no official boundaries for the Tampa Bay area. In some contexts, it includes several surrounding counties. However, it is universally agreed that Hillsborough and Pinellas Counties (home to the three main cities of Tampa, St Petersburg, and Clearwater) make up the core.
The Tampa Bay metropolitan area is home to around 3 million residents, making it the second largest metro area in Florida (behind only Miami/Ft. Lauderdale), and the 11th largest media market in the United States.
Tampa Bay is about 400 miles south of Atlanta, with the nearest major cities being Orlando, about 80 miles to the east, Miami, about 200 miles to the southeast, and Jacksonville, about 175 miles to the northeast.
Why Tampa Bay?
The Tampa Bay area has become a mecca for real estate investors in recent years, attributable in large part the following:
Population Growth – In 2017, Tampa Bay boasted the 4th highest population gain in the country. In raw numbers, that amounts to around 60,000 new residents each year, all of whom need housing.
Strong Housing Market – In March 2018, the average price of a single family home in Pinellas County increased by almost 13% year-over year. For the same period, Hillsborough County boasted an 8.2% increase. (Sources: PRO & GTR). Update: As of Janaury 2020, the median home price increased 6% year over year (from $250,000 to $265,000) for Pinellas County.
Lower Price Points – Despite these strong gains in property values, the Tampa Bay area remains more affordable than many other major metro areas around the country. The median price point for single family homes in Pinellas and Hillsborough Counties remains well below $300k as of January 2020. (Sources: PRO & GTR)
Landlord Friendly – Florida ranks in the Top 10 for the most landlord-friendly states in the country, with no rent controls and a relatively easy eviction process.
Subtropical Climate, Word-Class Beaches, and Plenty to Do – The Tampa Bay Area is generally considered a great place to live, work, and play. With a desirable climate, local beaches consistenly ranked in the Top 10, and plenty of entertainment options and professional sports teams, the area attracts a wide variety of residents and holidaymakers.
This combination of lower price points, strong housing demand, solid growth, and other desirable factors has caught the attention of many real estate investors from around the U.S. and beyond. So you\’re not alone in your quest for Tampa Bay real estate investments!
About the Author – Tampa Real Estate Agent Jeff Copeland
Jeff Copeland is the broker and owner of Copeland Morgan LLC, and investor-focused real estate brokerage and property management company in St Petersburg, FL
Jeff partners with investors from all over the U.S. and abroad to expand their investment property holdings in the Tampa Bay Area. He helps investors like you find, analyze, inspect, negotiate, acquire, and manage investment properties in Florida. His team provides real estate investors with a rate “Triple Threat”: Real Estate Sales, Property Management, and General Contracting
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