5 Top Features of a Profitable Rental Property in Tampa Bay Area

profitable rental property in tampa bay area

Are you considering investing in a rental property in Tampa Bay Area? Do you want rental property options through which you can get great and long-lasting stable returns? Tampa Bay Area is one of the best cities in the US for real estate investing with various investment opportunities and a booming economy. In the first half of 2021, the rent per bedroom rose by 15.6%. The chances are that it will increase more until the end of 2021.

1.    Worth your money

Before you invest in the property in Tampa Bay, you should be sure that the returns will be profitable and long-term. Search for a property in a desirable and upscale neighborhood if you want to attract well-off tenants. Find a rental property that is near to the local school, which means more and more people will be interested in renting. Don’t forget to calculate your monthly costs and expenditures on the house.

2.    Low local vacancy rates

If you purchased a property in Tampa Bay Area, you need to have tenants all year round; otherwise, how will you make a profit? Have a look at the vacancy rates in the Tampa Bay Area and ensure that there are fewer vacant houses where you buy the property. Having empty houses around will devalue your property, and you will have to decide on a reduced rental rate.

3.    Secure neighborhood

Security is one of the main points you should focus on when investing in a rental property in Tampa Bay. Once you’ve decided on a neighborhood for buying property, check the statistics to know if the area is safe or not. Once you have chosen the property meet the neighbors and ask them about crimes or theft details. If burglary rates are high, people might not feel secure living in the area and move out.

4.    Good schools in the locality

When investing in a property, look around for good schools as the rate of potential tenants will be higher, and more will be interested in renting. Most of the time, families prefer moving into a house which is near to the primary or secondary school so that their children can easily walk or cycle to school. This way, you could also charge a higher rental rate from them and successfully maximize your profits.

5.    Presence of amenities

People prefer living in rental properties that provide adequate amenities, whether they are within the house or external. Amenities within the home include access to multiple services such as having a telephone, constant electric and water supply, and a stable internet connection. Moreover, outside the house, they would prefer having parks or recreational centers nearby and shopping malls, gyms, and restaurants. For higher returns, keep in mind to invest in an area of Tampa Bay that offers the best of amenities, whether they are social or physical.