The Local Investors’ Guide to Tampa Real Estate

With stunning beaches and an enviable outdoor lifestyle (without the price tag of Miami), Florida’s Tampa is a market on the rise. While it’s true that Tampa doesn’t attract the same sky-high rents as Miami, the lower entry point makes Tampa an attractive destination for real estate investment as it becomes an enticing alternative for homeowners and residents priced out of other markets. 

If you own a single-family home or condo in Tampa, or are considering a rental investment in the city, this guide will direct you to tips on everything from property taxes and rental management for Tampa. 

Is Tampa a good place to invest in real estate?

PwC’s Emerging Trends in Real Estate report places Tampa and St.Petersburg at #5 in the top-ranked real estate markets. This is because this market is large and diverse, while being more affordable than neighboring cities. The report places Tampa in the “Super Sun Belt” market category. Cities in the Super Sun Belt market are among the fastest growing in the US, with solid economic performance and fast recovery from pandemic-led downturns.

While price growth is slowing, it remains an appealing market long-term that will continue to attract new residents, with the the National Association of Realtors (NAR) reporting that job growth is sitting above the national average at 4.8% and the unemployment rate trending down at a low 2.2%. 

With a strong job market and continued demand for single-family homes to rent, if you own or have inherited a Tampa property and are considering putting it up for rent, now is a great time. 

Discover the modern-day alternative to property management in Tampa.

How much rent should I charge in Tampa?

The last few years have been a wild ride for the housing market in the US. With huge shifts in migration, inflation, interest rates and property prices, the simple fact is that the housing market in Tampa isn’t the same market of years past. The rental market is no different. Property values have changed too much, we’re all playing a different game now. Yet, it seems this is news to the property management industry, who are still using a handful of comps to price Tampa homes in this complex market.

Belong addresses these rapid changes in real-time, by taking a modern approach to pricing homes on the rental market. In fact, Belong has ditched the property management model to offer a completely new approach to the rental market.

When helping homeowners in Tampa, Belong uses technology to blend live market data with an all-important metric: real demand for each home. We determine the right price for your home that will maximize rental income and keep vacancies low, long-term. And because we extend our services to renters as part of our community, we attract the best of the best to place in your rental property. Learn more about real-time rental valuations for Tampa in this article. 

Read More: The Realistic Way To Price a Miami Rental Home When The Market is Mad 

How much property tax will I pay in Tampa?

Property taxes in Tampa are collected by Hillsborough County. While the tax will vary per property, the average property tax rate for Florida is 0.89% (accurate as of August 2022). Compared to other states, this places Florida around the middle-range, ranked 23 out of 50 for the lowest property tax rate. You can get a more accurate estimate using the Hillsborough County Property Appraiser search function. 

Who are the best property management companies in Tampa?

The best way to ensure your investment home is well-kept and profitable is to find the best company to help you manage it. But when comparing the best property management companies across Florida, you’ll be looking at a handful of differences between them all. Things like how much they charge in management fees and how often you are going to get slogged for more (if they even tell you!). 

With Belong, there’s no comparison. Because Belong isn’t a property management company, it’s a completely unique experience that is humanizing the rental market. 

Belong does things differently in Tampa, by offering:

1. Guaranteed Rent: Receive your rent on time, every month, regardless of when it’s paid by residents.
   
   
2. 24/7 Concierge Support: Both homeowners and residents have access to real-time support, going beyond emergency maintenance requests.
   
   
3. Transparent fees: No hidden costs like setup fees or lease renewal charges.
   
   
4. Modern-day marketing: Virtual tours and video marketing is included in listings.
   
   
5. User-friendly app: Belong's app provides convenient access to documentation, cash flow insights, and financial and insurance solutions. 
   
   
6. Long-term residents: Belong takes a personalized approach to match the right people, so they stay longer and feel at home.
   
   
7. Innovative financial solutions: Homeowners can manage cash flow effectively, even splitting the cost of maintenance and placement fees.
   
   
8. Eviction protection: Owners are shielded from legal costs if we ever place the wrong people.
   
   
9. Extensive vendor network: Belong connects homeowners with a vetted network of over 10,000 professionals for repairs and renovations.
   
   
10. Comprehensive insurance solutions: Belong offers insurance options that protect homeowners, their properties, and residents.
    
11. Market-driven insights: Belong utilizes market data and real-time interest to maximize the value of your home.
    

Even though Belong topped the Florida list (you can see the rankings here) when we compared Tampa’s top-ranked property managers, it became clear we were comparing apples with oranges. 

Read More: Why Florida's Top-Rated Property Managers Are More 80s Than Miami Vice

Discover why Florida loves Belong

As a land of sunshine and low taxes, Florida is an attractive state for real estate investors and a great place for homeowners to enter the rental market. If you own a home in Tampa, Miami, Orlando, Tallahassee or Jacksonville, now is the time to find out if you’re eligible to join the Belong residential network. We specialize in single-family homes and condos, helping individual homeowners to achieve their financial goals in the rental market. 

Here is a snapshot of what Florida homeowners are saying about Belong…

Think your Florida home belongs with us? Check out one of our local homeowner pages below to see if you qualify:

• Tampa
• Miami
• Orlando
• Jacksonville
• Tallahassee (coming soon!)
• Everywhere else

To speak to someone about listing your rental home, you can also call 786-628-0600 (English) or 786-786-1073 (Español).