Tampa tops the list of the hottest housing markets for 2022, according to a recently released report from Zillow. A combination of strong forecasted home growth, solid economic fundamentals, high job growth, and fast-moving inventory are just a few of the performance criteria that make Tampa the top market for housing this year.
Home values in Tampa have increased by more than 30% year over year, while rent prices for 3-bedroom properties have also soared by nearly 30%. Nearly half of residents in the Tampa metropolitan area rent their homes, while some neighborhoods in the city of Tampa have renter-occupied households of 80% or more.
Here are 15 Tampa neighborhoods to consider for purchasing investment property, including areas like Downtown Tampa and West Riverfront, where there are far more renters than homeowners.
Key takeaways
- Tampa is home to nearly 385,000 residents in the city and about 3.2 million in the metropolitan area.
- Home values in metropolitan Tampa have increased by 31.5% over the past year, while rent prices have grown by 29% year over year.
- Neighborhoods in Tampa where more than 80% of households are occupied by renters include Downtown Tampa, West Riverfront, and Ybor City Historic District.
>>Explore Roofstock's Tampa investment properties.
Why invest in Tampa?
Tampa is the fastest-growing city in the metropolitan area, posting a growth rate of 27% from 2010 to 2020. According to Plan Hillsborough, more than one of every 4 new residents moved to the city of Tampa versus other cities in the metropolitan area. By 2045, Tampa’s population is projected to be nearly 498,000, compared to 385,000 today.
Economic recovery and job growth in Tampa have been stronger than the national average, with unemployment down to just 3.4% (Bureau of Labor Statistics, January 2022). As Florida Trend reports, employment in the professional and business services sector, which makes up about 20% of the region’s total employment, is 13% above the pre-pandemic level.
A booming population and growing job market also fuel the demand for housing in Tampa. The typical value of a middle-price-tier home increased by 31.5% over the past year (Zillow through February 2022), while Zumper reports that rents for 3-bedroom homes in Tampa have soared by 29% year over year.
15 great areas in Tampa for investment properties
There are nearly 100 neighborhoods in Tampa, with home prices ranging from $40K to $13M. The Tampa real estate market is ranked by Redfin as being very competitive.
Although homes are selling for about the list price, buyers may wish to move fast, because homes are going pending in around 10 days.
Here are 15 neighborhoods in Tampa to consider for investment properties, based on data from:
- Redfin (median sales price, change in sales price, and days on market)
- Niche.com (suburb descriptions, population, median rent, percentage of renter-occupied households, and median household income)
West Riverfront
West Riverfront has far more renters than homeowners. Located a few blocks north of the University of Tampa, West Riverfront has an urban feel and a lot of restaurants, bars, and coffee shops:
- Population: 7,659
- Median sale price: $332,500
- Change in sales price (year over year): -26.1%
- Days on market: 4
- Median rent: $1,105
- Renter-occupied households: 82%
- Median household income: $40,284
- ZIP codes: 33606, 33607
Channel District
Channel District is popular with renters. Channel District is only a few blocks in size and is just south of the Selmon Expressway, along the Ybor Channel:
- Population: 3,668
- Median sale price: $447,500
- Change in sales price (year over year): 16.4%
- Days on market: 6
- Median rent: $1,877
- Renter-occupied households: 76%
- Median household income: $94,553
- ZIP code: 33602
Courier City-Oscawana
Courier City-Oscawana is a bit west of Downtown, within walking distance of the University of Tampa and HCA Florida South Tampa Hospital. The neighborhood has an urban feel, with a lot of dining options and parks, and it has more renters than homeowners:
- Population: 2,813
- Median sale price: $385,000
- Change in sales price (year over year): -8.3%
- Days on market: 5
- Median rent: $1,546
- Renter-occupied households: 74%
- Median household income: $77,331
- ZIP codes: 33606, 33609
Hyde Park
Niche.com ranks Hyde Park as the best neighborhood in Tampa. Located along the shores of Hillsborough Bay, Hyde Park has an urban feel, and more residents rent than own:
- Population: 3,637
- Median sale price: $1,290,000
- Change in sales price (year over year): -9.2%
- Days on market: 15
- Median rent: $1,868
- Renter-occupied households: 54%
- Median household income: $132,693
- ZIP code: 33606
Carver City-Lincoln Gardens
Located near the intersection of I-275 and Highway 92, Carver City-Lincoln Gardens is popular with renters. Tampa International Airport and St. Joseph’s Hospital are just a few minutes away, and the neighborhood has an urban feel, with a lot of restaurants and bars:
- Population: 4,681
- Median sale price: $300,000
- Change in sales price (year over year): 14.5%
- Days on market: 6
- Median rent: $1,730
- Renter-occupied households: 76%
- Median household income: $73,633
- ZIP codes: 33607, 33609
Harbour Island
Harbour Island is a triangle-shaped neighborhood just a few minutes from Downtown Tampa and the Tampa Riverwalk. Harbour Island has an urban feel and a large percentage of renters:
- Population: 4,025
- Median sale price: $675,000
- Change in sales price (year over year): 50.0%
- Days on market: 6
- Median rent: $1,794
- Renter-occupied households: 41%
- Median household income: $113,566
- ZIP code: 33602
Downtown Tampa
Downtown Tampa is bordered by the Hillsborough River, Interstate 275, and the Selmon Expressway. Home to the Tampa Bay Historic Center and the North Franklin Street Historic District, Downtown Tampa has an urban feel and more renters than homeowners:
- Population: 5,153
- Median sale price: $392,500
- Change in sales price (year over year): 32.2%
- Days on market: 34
- Median rent: $1,219
- Renter-occupied households: 81%
- Median household income: $49,767
- ZIP codes: 33602, 33606
Parkland Estates
Parkland Estates is just south of HCA Florida South Tampa Hospital and a few minutes from Downtown Tampa. The neighborhood has an urban-suburban feel and a large percentage of renter-occupied households:
- Population: 1,991
- Median sale price: $1,100,000
- Change in sales price (year over year): -8.3%
- Days on market: 60
- Median rent: $1,735
- Renter-occupied households: 41%
- Median household income: $91,109
- ZIP code: 33609
Ybor City Historic District
The Ybor City Historic District is on the National Register of Historic Places and has plenty of restaurants, bars, and cafes. Located northeast of Downtown, Historic Ybor City is also a neighborhood where most residents rent their homes:
- Population: 2,193
- Median sale price: $249,000
- Change in sales price (year over year): 14.5%
- Days on market: 9
- Median rent: $988
- Renter-occupied households: 82%
- Median household income: $32,620
- ZIP codes: 33602, 33603, 33605
Palma Ceia Pines
Palma Ceia Pines is immediately north of Parkland Estates and home to HCA Florida South Tampa Hospital. The neighborhood has an urban feel and more renters than homeowners:
- Population: 4,083
- Median sale price: $570,000
- Change in sales price (year over year): 28.7%
- Days on market: 12
- Median rent: $1,359
- Renter-occupied households: 62%
- Median household income: $74,053
- ZIP code: 33609
Davis Islands
Davis Islands is another triangle-shaped neighborhood in Tampa, immediately west of Harbor Island. Davis Islands has a suburban feel and is ranked as one of the best places to live in Florida by Niche.com:
- Population: 5,452
- Median sale price: $1,412,500
- Change in sales price (year over year): 56.5%
- Days on market: 14
- Median rent: $1,246
- Renter-occupied households: 39%
- Median household income: $131,201
- ZIP code: 33606
North Hyde Park
North Hyde Park is located between I-275 and Highway 60, and a short distance from Downtown Tampa. The neighborhood has an urban feel, with a lot of restaurants and bars, and more renters than homeowners:
- Population: 3,818
- Median sale price: $665,265
- Change in sales price (year over year): 58.4%
- Days on market: 62
- Median rent: $1,338
- Renter-occupied households: 77%
- Median household income: $40,743
- ZIP codes: 33606, 33607, 33609
Westshore Palms
Westshore Palms is 5 miles west of Downtown, near Cypress Point Park and Old Tampa Bay. The neighborhood has an urban-suburban feel, with a lot of restaurants and parks, and is popular with renters:
- Population: 2,270
- Median sale price: $465,000
- Change in sales price (year over year): 27.0%
- Days on market: 19
- Median rent: $1,074
- Renter-occupied households: 54%
- Median household income: $54,905
- ZIP code: 33609
Rocky Point
Located 9 miles northwest of Tampa, most residents of Rocky Point rent their homes. Rocky Point has an urban feel and good options for dining and entertainment:
- Population: 2,631
- Median sale price: $327,000
- Change in sales price (year over year): 25.8%
- Days on market: 47
- Median rent: $1,471
- Renter-occupied households: 88%
- Median household income: $66,453
- ZIP codes: 33607, 33615, 33634
Riverside Heights
Riverside Heights is 3 miles northwest of Downtown Tampa, along the banks of the Hillsborough River. Riverside Heights has a sparse urban feel and a lot of restaurants, coffee shops, and parks:
- Population: 4,049
- Median sale price: $444,450
- Change in sales price (year over year): 2.2%
- Days on market: 5
- Median rent: $1,409
- Renter-occupied households: 26%
- Median household income: $75,112
- ZIP codes: 33602, 33603, 33607
>>Explore Roofstock's Tampa investment properties.
