Purchasing a multifamily rental property in Tampa can be one of the most prosperous ventures for investors seeking to optimize their income. Multifamily rental properties are a promising investment, especially in one of the nations’ most sought after cities like Tampa, Florida.
Multifamily properties are a popular option amongst renters in Tampa, whether it be multifamily apartments or a duplex, and there is no shortage of them. The city has experienced exponential growth over the past three years and as of July 2023, 50% of residents were renters as opposed to homeowners.
As half of Tampa’s population resides in rental properties, there is no concrete evidence of a shift towards favoring homeownership in the next couple of years. In a metropolitan area like Tampa, the influx of people is constant, and with high mortgage rates, renting is especially appealing to residents right now. Thus, investing in a Tampa multifamily property is an excellent opportunity for diversifying your investment portfolio and generating a consistent passive income.
What is a Multifamily Rental Property in Tampa?
Multi-family rental property is essentially a property that houses more than one family or tenant comprising more than one unit. A multi-family rental property can be an apartment building hosting hundreds of units down to a simple duplex. A multifamily rental is any amount of real property, more than one unit.
As a professional Multifamily Property Management Company in Tampa, Florida, we’ve seen the greater Tampa Bay area explode with new apartment complexes and multifamily properties. Here at The Listing, we believe this is an excellent opportunity to add to the Tampa housing shortage while generating a positive return on your investment. However, Tampa areas produce better returns for real estate investors, so working with a professional rental property manager specializing in multifamily properties is essential.
Top 5 Tampa Areas To Buy a Multifamily Rental Property
1. Hyde Park
One of the best areas to invest in multifamily property in Tampa is Hyde Park. Hyde Park is one of the most sought after areas in Tampa for renters looking to be in close proximity to, but still outside of, the main downtown area.
Hyde Park contains Spanish Town Creek and Historic Hyde Park—two very similar neighborhoods that offer a similar feel and lifestyle. Being minutes away from Downtown Tampa, Hyde Park offers an urban-suburban lifestyle that attracts young professionals and affluent residents alike.
Hyde Park offers a quaint and cozy feel with tree-lined streets, historic homes, and original brick roads. Hyde Park residents are often active, enjoying a bike ride on the Bayshore Boulevard path or a walk through the village. As 63% of residents in Hyde Park rent, multifamily properties like triplexes and quadplexes are common and sought out.
As a Hyde Park Property Management Company, we believe this is a Tampa area you don’t want to overlook. The prices may be higher than surrounding Tampa Bay areas but along with that comes higher rental rates.
According to niche.com,
- 63% of Hyde Park residents rent
- The median home value in Hyde Park is $469,284
- The median rent in Hyde Park is $1,673
- Hyde Park is rated #1 area to live in Tampa
- The median household income in Hyde Park is $132,471
2. Seminole Heights
Seminole Heights is one of Tampa’s most up and coming areas and an ideal location for multifamily property investment. Seminole Heights is a unique neighborhood made up of historic bungalows and buildings dating back to the 1920’s. As of recent, Seminole Heights has begun to develop into a hip and eclectic neighborhood, attracting a diverse group of renters seeking a community feel outside of the city.
In addition to the historic buildings, Seminole Heights’ newly constructed homes and vibrant restaurant and bar scene has allowed the neighborhood to gain traction from new residents and people looking for new experiences in the area. Seminole Heights community can be seen as tight knit, as local businesses make up the majority of attractions. Eclectic vintage stores, breweries, and Sunday markets are just a few of the popular Seminole Heights favorites.
According to niche.com,
- The median home value in Seminole Heights is $232,832
- The median rent in Seminole Heights is $1,148
- Seminole Heights is ranked #8 most diverse neighborhoods in Tampa
- A current Seminole Heights resident shared,
“The value of the homes continue to increase because it is a 10 minute drive to the downtown area, businesses are thriving here now with great restaurants and the craft brewery businesses are growing along our main corridors into the city. Our tree lined streets with bungalows from the 1920’s are being restored.”
3. Westchase – Tampa
Ranked #1 of 380 best suburbs to live in Tampa, Westchase is one of the best Tampa areas for families looking to settle down away from the commotion of the city. Westchase has the true suburban atmosphere with family oriented communities, a short commute to the downtown areas and Tampa’s beautiful beaches, and a plethora of parks, shopping centers, and a high-rated school system. The foliage and greenery in the area is a breath of fresh air from the city.
The highly rated public schools and short commute to the downtown area make Westchase the ideal location for family renters. Westchase residents are typically looking for the true suburban lifestyle and will seek a house over an apartment. A multifamily house or duplex are highly profitable investments in areas where residents veer away from apartment complexes and condos.
According to niche.com,
- The median home value in Westchase is $380,100
- The median rent in Westchase is $1,698
- 35% of people in Westchase are renters
- The median household income in Westchase is $103,521
4. St. Petersburg
St. Petersburg is a hub for culture, art, diversity, and true Florida living. Since the COVID-19 pandemic, St. Petersburg’s population has grown exponentially, with most residents seeking rental properties. Boasting a variety of neighborhoods, St. Petersburg has something for everyone, whether its art lovers, retirees, or young professionals.
For those seeking a multifamily rental in a neighborhood with a mix of a suburban and urban feel, Historic Kenwood is the ideal location. Located just outside of Downtown St. Petersburg, Kenwood is home to historic buildings, an inclusive community, and vibrant culture. Kenwood is an increasingly popular destination for renters looking to live in a dynamic area offering a mix of city and tranquility.
Other neighborhoods on the outskirts of downtown include Central Oak Park and Historic Uptown—two optimal locations for multifamily property investment. In Historic Uptown, 70% of residents are renters.
According to niche.com,
- The median home value in St. Pete is $242,100
- The median rent in St. Pete is $1,251
- 37% of people in St, Petersburg rent
- St. Pete is ranked the 44th best city to live in America
- St. Pete is ranked the 4th best place to retire in America
Brandon, Florida is a neighborhood in the Tampa Bay Area, located just about 25 minutes east of Downtown Tampa. Its close proximity to the highway allows for an easy commute to the city, making Brandon the ideal location for those who work or want to take a trip downtown.
As Brandon is located 10-15 miles outside of Downtown Tampa, rent tends to be more affordable compared to areas closer to the hustle and bustle like Hyde Park. Brandon is known for its residential neighborhoods and is an ideal area for renters seeking a multifamily property.
If you’re looking to invest in a multifamily property in the area, working with a Tampa & Brandon multifamily property management company will be highly beneficial.
According to niche.com,
- 46% of people in Brandon rent
- The medium home value in Brandon is $224,800
- The median rent in Brandon is $1,403
Tampa Multifamily Rental Market
Tampa has a strong multifamily rental market, and it will continue to grow in 2024. With plans for a mass increase in the constructing of new multifamily units, 2024 will be an ideal year to add a multifamily investment to your portfolio.
According to Multi-Housing News, “Multifamily developers remained active, as well. Tampa had 16,599 units under construction as of May, with an additional 78,000 in the planning and permitting stages. During the same period, 4,416 units came online, accounting for 1.8 percent of existing multifamily stock.”
Tampa Multifamily Property Management
The best way to ensure success of your Tampa multifamily rental property is to work with a Tampa multifamily property management company. Whether you’re a seasoned investor with multiple properties and duplexes, or a first time investor, the expertise and experience of a property manager will increase significantly.
At The Listing Real Estate Management Tampa, we use hands-on management to increase cash flow, add value (where others can’t), and improve tenant retention. Our expertise in the Tampa property management business and high supply of qualified renters enables us to fill vacancies and increase the market value for our rental properties. At The Listing, we believe that leading with integrity in our property management services enables our multifamily property owners to enjoy peace of mind with increased returns.
Our Multifamily Property Management Services Include:
- Marketing and Leasing
- Tenant Screening
- Rent Collection
- Maintenance and Repairs
- Rental Property Accounting
- Rental Management Guarantees
Whether you own a duplex, triplex, quadplex, or smaller multifamily property in Downtown Tampa or outside, The Listing Tampa provides the highest quality property management service. Our property managers are experts in Tampa multifamily property management and strive to provide our rental property owners with a positive and profitable experience. In addition, we have extensive experience managing mid-size multifamily properties and apartment complexes.
Contact us today at The Listing Real Estate Management, your boutique property manager and your trusted source for Tampa multifamily property management services! Our years of experience and true dedication will make all the difference in your rental property success.