As one of the second largest cities in the Tampa Bay area, St Petersburg – Florida is establishing its reputation as a property hotspot for investors looking for long term income, security and growth. Ranked by Forbes as a top city to invest in, St Petersburg median condo prices have leapt by 10.5% in the last 12 months alone.
As an established city, St Petersburg has a strong economy that does not rely solely on the tourist trade, unlike other areas of Florida. In fact of the ten largest employers in the area, none of them are connected to tourism, meaning that the region does not suffer the fluctuations that can be caused by the frequent peaks and troughs of the often volatile tourism industry. The Tampa Bay population has expanded by 4.5% over the last three years, and, as more offices move into the area, this is set to rise dramatically – future job growth in is predicted to be at 39% over the next ten years in St Petersburg. A key driver is the potential relocation of Fortune 500 headquarters to the area. There are over 30,000 businesses in Pinellas County with the main business sectors being healthcare, tourism, manufacturing and financial services. With St. Petersburg-Clearwater International Airport’s (PIE) record growth, the FAA has given a $5.75 million grant to create space for two more commercial aircraft, increase aircraft parking space and resurface the holding areas at five of thirteen of the airport’s gates.
Hosting the Salvador Dali museum, The Chihuly Collection, plus an array of other art museums and collections, St Petersburg is growing a reputation for it’s arts scene. An emerging craft beer industry is seeing younger millennials flocking to the area, while an exciting live music programme combined with exciting festivals and events calendar is also attracting the young professional set. St Pete’s is also home to some of the best beaches in North America, offering white sands, clear water, and excellent facilities.
Located in Pinellas County, the region boasts a year-round population of almost one million people. The area is known for its white sandy beaches and crystal-clear water as well as being praised by travel & leisure magazine as a foodie and arts scene. St. Petersburg boasts many beautiful waterfront parks that often have festivals, concerts and events going on year-round. The area has a strong sporting focus with the Tampa Bay Rays Major League Baseball team located minutes from the property. The Tampa Bay Buccaneers, the Tampa Bay Rowdies (with their stadium located in Downtown St. Petersburg) and the Tampa Bay Lightning are all in close proximity too.
The Property Market
The average rent in St Petersburg increased by a huge 9.2% across 2017 – while house price growth across the Tampa Bay area in general saw a 4.1% growth rate. A growing population combined with low unemployment makes St Pete’s an ideal area for investment, as the stable, diverse economy can offer a low risk investment for those looking to add to their portfolio. Entry prices for investors in the area are still at a favourable level when benchmarked against other global cities, making St Petersburg, Florida a popular choice for international and domestic real estate buyers.
Benoit Properties offer a range of exciting investment opportunities in Florida. With an experienced property management team located in Florida, we can fully manage your investment property, and currently run at 95% occupancy levels for our investor clients across Florida. With rental yields for our properties in the area averaging 6%, get in touch with us today to find out how we can help you to invest in Florida.