Why is my Tampa Rental Property Not Renting?

1) Rapid Increase in Tampa’s New Construction

Following the pandemic, Tampa Bay has become one of the new “hot spots” of the United States, experiencing exponential growth in residents and businesses alike. Along with the exponential population growth comes a high demand for housing — rental properties in particular.

Upon the initial mass migration to Tampa, Florida vacant rental properties became few and far between, sparking an upward trend in rent prices. As we are now four years out from the start of the COVID-19 pandemic and exponential population growth, Tampa’s infrastructure and urban development have evolved immensely to accommodate for the city’s new residents.

According to ABC Action News, Tampa is expecting to see a 63% increase in new units available this year. With this continued and rapid increase in new units, rent prices will continue to fall for the remainder of 2024. 

Keeping up with the Tampa Rental Market 

The new construction throughout Tampa Bay is one of the primary reasons for a struggle to fill vacancies as rental property owners fail to adjust rent prices accordingly.

If you’re not driving through Downtown Tampa on a daily basis or keeping up with the news, the sheer amount of newly constructed apartment complexes may not be as evident. For those Tampa rental property owners who are outside of the hustle and bustle, it may be difficult to understand the necessity of adjusting rental prices to accommodate for the changing rental environment.

As experienced Tampa property managers and owners, we want to be a resource to guide rental property owners into smart decision making and prolonged rental success. Our complimentary rental price analysis helps to place your property at an appropriate price for the current Tampa rental market, making it attractive to potential renters and allowing your investment to flourish.

When the price is right, your property will rent. It’s essential to keep up with the ever changing rental market to ensure your property is following suit.

2) Lack of Amenities

Many Tampa residents value access to amenities that elevate the living experience. As there is no shortage of luxury apartment complexes and multifamily units, Tampa residents tend to prefer and expect access to amenities such as:

• Pool
• Gym
• Patio or balcony
• Backyard or dog park
• Community room
• Washer and dryer 

In addition, resort-style communities are beginning to take over in surrounding areas like Wesley Chapel, Westshore, and Land O’Lakes. Master-planned communities within these areas attest to the true “Florida lifestyle”, providing residents with over the top amenities such as Epperson Lagoon, a man-made lagoon equipped with terrain parks, kayaks, and even a bar, located in Wesley Chapel.

With that being said, not all tenants are looking for an over-the-top, luxurious property. Although we can’t all provide our tenants with a man-made lagoon or a luxury dog park, simple and attainable amenities like a washer and dryer are essential for a rental market like Tampa. When there is room to grow and improve your future tenant’s rental experience, we highly suggest doing so. 

3) In Need of Upgrades

For rental properties without existing amenities, it may not be feasible to build a pool or patio to accommodate the luxurious preferences of Tampa residents. However, rental property updates can make all the difference in the desirability and success of your rental property.

Like clothing or hairstyles, houses also go through trends and renters’ home interior preferences tend to change over the years. Traditional-leaning home interior styles with maximalist or dark features, and rooms separated by walls are becoming less common and less favored by renters.

Renters preferences have shifted towards open floor plans, as the open air concept tends to create a larger and more inviting space. The emphasis on traditional living and dining rooms no longer remains a top priority for renters.

We know knocking down walls is not always an option; there are plenty of alternatives to upgrading your home. Some of the most valuable upgrades in the current Tampa rental market include:

• Kitchen upgrades such as appliances, fixtures, countertops, and cabinets
• Floors
• Curb appeal
• New windows
• Appliances such as washers, dryers, and ceiling fans
• Neutral paint colors

Adding upgrades to your property will aid in attracting tenants and filling vacancies. Renting out a home with new appliances or an aesthetically pleasing layout will also increase the tenant satisfaction rate, encouraging tenant retention and a steady rental income for the property owner. 

At The Listing Real Estate Management, our years of property management experience has allowed us to form a network of reliable and licensed local vendors who can transform your property. In addition, our comprehensive property management services will take the responsibility and stress of finding a tenant off of your shoulders. 

4) Not Pet Friendly

According to ABC Action News Tampa Bay, Tampa is ranked the number two most pet friendly city in the United States, with St. Petersburg following at number 10. As Tampa is a highly pet-friendly city, many residents, including renters, have dogs and cats.

In a city that is known for its pet-friendliness, it is essential to allow pets in your rental property. Studies show that 72% of renters have pets in their homes, which shows how important it is to allow your renters to bring their furry friends along with them!