Good news for the Tampa region: We’re a leading market for institutional investors.
Among institutional investors – defined as buyers who purchase 10 or more properties during a calendar year – Tampa’s housing market ranks as the top selling in the nation. According to a recent report in The Tampa Tribune, institutional investors account for 4.7 percent of all purchases in the Tampa region, the highest rate in the country among markets with a population of at least 1 million.
While it may not be surprising that there are an abundance of rental properties that are not going to waste in the sunshine state, most of these properties are actually rented to year-round tenants, largely young families who are just starting out or saving for their own home ownership. The influx of institutional buyers to the area – attracted by the many sales of low-priced, bank-owned properties – have stabilized the housing market that has struggled during a few difficult years between 2007 and 2014.
Now, more and more people are choosing to rent properties instead of buying. Renters use their time to build up their credit while saving up for a down payment on a home of their own. This makes it a great time for investors to buy some of the great properties in the area, with ample opportunities for these buyers to turn around and lease homes to renters or enter rent-to-own agreements with families interested in eventually buying out the property.
If you are a real estate investor who is considering purchasing a home to rent or turn into a timeshare, check out the market in Tampa. Conditions won’t favor the buyer like this forever, so take advantage of low market prices and diverse properties in great locations throughout the region while you can. With plenty of homes available at reasonable prices and a hot rental market, now’s the time to buy. Let The Price Group help you with your property search. To get started, contact us today!