While concerns about the economy are cooling the market for most other types of real estate, apartment and rental property rents and occupancies of Tampa real estate continue to be boosted by demand from millions of people who are victims of foreclosure or are unwilling or unable to buy their own homes. The main reason for the rental increase is a faster-than-expected decline in the home ownership rate, according to Green Street Advisors.
With rents rising faster than last year, the picture for residential real estate investors is getting even better than it already was as a result of once-in-a-generation prices and low interest rates, according to Greg Rand, founder and CEO of OwnAmerica, who downplays concerns over near term price declines and urges investors to take a long view of the opportunities. “This is a long term investment,” says Rand, who differs with what he calls the “get rich quick” approach to investing. “Rents are a steady return on your investment through the years, leaving you with an attractive asset when prices improve. And they will. The best profits in real estate accrue to long term investors who take a long term view.” You might also consider investing in apartment buildings, although with 1.4 million new renters this year, apartment construction can’t keep up with demand. Tenants, especially former homeowners forced from their homes because of the economy, are increasingly turning to single family homes owned by investors, especially in high foreclosure markets.
A survey by Realtor.com found that by a three to one margin, investors (including those looking to purchase Tampa real estate) plan to be more active in their local markets compared to typical homebuyers in the next 24 months, and 69 percent of investors say it’ll be easier to find properties in the near future. Most investors are newcomers. Fifty-nine percent (59%) said they’re new to real estate investing, with 33.5 percent considering their first investment purchase and 8.5 percent in the process of buying and selling their first investment property. Another 17 percent said they just completed their first transaction and plan to make more. Only 36.5 percent have experience in more than one property transaction.
Where to start? You can begin by consulting with a Realtor who is familiar with the Tampa real estate market and is savvy about owning rental properties. You can also go online for a myriad of sites offering tips, advice, and strategies for the new property investor. Click these particular offerings for a good guide for beginners or for an extensive variety of articles and videos covering just about everything you want to know about beginning your investment venture.
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