Whether you’re looking for work in Tampa or looking for a location, the city’s labor market is one of the most important topics to understand in advance. The Bureau of Labor Statistics also divides the top industries (excluding agriculture) by the number of employees. In January, the unemployment rate in Tampa County was 4.5 percent, up from 4 percent in December, but still higher than the national rate of 3.7 percent.
In the Bay area, 42,800 private-sector jobs were created in 2016, putting the region second in employment growth in Florida. According to the Census ACS survey, the average gross rent in Tampa in 2017 was $1,095, up from $2,071 in 2014. The average monthly rent for a one-bedroom apartment in the Tampa area was about $1,070 in 2018, according to Census data.
Below is also data on vacancy rates in Tampa and median rent. The median rents represent the rental prices in the middle of the rental distribution more precisely and are therefore preferred for the following analysis.
Using Tampa’s median household income data, we calculated the share of income that median households would use to pay rent at the median gross monthly rent. In Tampa, the median annual median rent for a single-family home was $24.59 in 2017, according to ACS. The median household income in Tampa, which is required to pay the median gross monthly rent, peaked at $24.80 in 2011, compared with about $20,000 in 2005.
At $1,070, the real median gross rent in Tampa is the highest since the series began in 2005 and the second highest in the state. Real average gross cold rents in Miami-Dade County, at $2,843 in 2017, are higher than in any other city in Florida since this series began in 2006. At $1,095, it is the third-highest average rent for a single-family home in a city with a median household income of $20,000 or more since the series began in 2004.
The vacancy rate in Tampa, Florida, was 7.33% in 2017, according to Census ACS data. Over the same period, the vacancy rate rose 1.18% in Miami-Dade County from 2016 to 2017 and 2.5% in Tampa.
One category in which the real estate market in Tampa, Fla., shines particularly brightly is home start-ups, which are forecast to soar by more than 20 percent next year. That would ease the pressure on the market for new homes in Tampa and Miami-Dade County.
But the greatest demand will remain for affordable homes, especially in the high-end neighborhoods of South Tampa and Miami-Dade County.
The cost of living in these neighborhoods is 28 percent higher overall than in Tampa, and the cost of living in New Tampa is more than double the average in Tampa-Dade County. The average age of New Tampa residents is 34, compared with 28 in South Tampa and Miami-Dade.
The best neighborhoods in Tampa and Florida are those with the highest median household income and the lowest cost of living. These neighborhoods have the best quality of life and the best places to live and work with your family.
Hiring a local real estate management company can help you find tenants for your investment property in Tampa. Evaluate the specifics of the Tampa housing market at the time you intend to purchase at this time.
This measurement considers the number of rented homes in Tampa as a fraction of the total households in Tampa. The tenant share is calculated as the percentage of households with at least one tenant in the city. The share of tenants in Tampa peaked at 37.06% in 2015 and now stands at 1.44%.