Apartment complexes are sprouting up all over the Tampa Bay area. Right now, plans are in the works for 10 new complexes. The 311 unit NoHo Flats bordering downtown Tampa, is an example
of what is happening. Fueling this building boom have been people making short sales and then being forced to rent until their credit can be restored. One out of every 5 sales these past few years has been a short sale. Lower paying jobs, and higher rents, are reflected in the statistic that 49.3% of renters pay more than a third of their income in rent. The average rent is about $900 in the Tampa Bay area. Recently, many institutional investors have begun buying up homes and turning them in successful rental units. They see the financial return on these rentals much more attractive than the low paying money markets. Downtown Tampa now boasts 5000 inhabitants vs. just a few hundred 10 years ago.
No comments:
Post a Comment