Tampa is a key business city in the country and the demand for housing is very high. The city’s population is on the rise as many people are now willing to live and work in Tampa. Consequently, the demand for housing is on the rise too. However, it is worth noting that not all people living in the city can afford to buy their own home. A good number of the city residents rely on rented houses for accommodation. This has made rentals in Tampa a very highly demanded commodity as tenants compete for the available houses. The following are some of the key challenges of finding rental houses in Tampa and its environs.

1.Finding a Reliable Property Manager to Help You Is Hectic

One of the biggest challenges when finding a rental house in Tampa is getting a reliable real estate manager to help you with the search. A good number of landlords in the city are yet to appreciate the idea of hiring a property manager to help them. More so, some of the property managers in the city are not competent enough to offer quality services and this makes it very difficult for those looking for properties to rent to get the necessary help they want from the city’s property managers. It is also worth noting that some of the city’s property managers are non-locals and they do not understand how the local market works. If you’d like a good local property management company try Advantage Realty Services – Tampa

2. Rental Rates Are Going Up Rapidly

The demand for both residential and commercial houses in the city of Tampa is on the rise and property owners are revising rental rates now and then to take advantage of the increasing demand. Consequently, rental rates are rapidly going up in the city and renters are finding it difficult find good and affordable houses. In fact, many people renting properties in the city are unable to afford house prices in the metropolitan areas of Tampa and prefer to rent in the city’s neighborhoods.

3. Some Once Residential Properties Are Changing Into Commercial

Another biggest challenge when finding a rental property in Tampa is that the once residential properties are now changing to commercial properties. The city of Tampa is known as a business city for many decades and the demand for commercial properties is on the rise. This has made some owners of residential properties in the city to convert them to commercial properties in order to take advantage of the shift in demand. It is also worth noting that commercial properties in Tampa have higher rental rates than residential properties and many landlords are quick to convert their residential houses to commercial houses.

4. Too Much Modification to the Existing Houses

The size of rental properties in Tampa is another factor that has raised many concerns among tenants. Many landlords are doing too much modification on their existing houses so that they can take in more tenants and make more money. Consequently, rental houses in the city are becoming smaller and smaller and tenants are finding it difficult to find spacious rental properties to meet their needs. Some people in the city are renting two adjacent houses so that they can get the space they want. It is very unfortunate that rental rates are going up in the city and yet spaces are becoming smaller and smaller.

5. The Number of Properties Is Lesser than Demand

The number of properties available for rent in the city of Tampa is currently below the demand and competition is very high. This is because very few new houses are built in the city due to do lack of space. On the other hand, the city’s population is increasing and the demand for housing is on the rise. This has made it difficult for renters to find good residential and commercial properties to rent. Rental properties in some parts of the city are booked when they are still under construction and renters are paying huge money in the form of goodwill.

6. Some Rental Properties Are In Bad Condition

The majorities of the property owners in the city are taking advantage of the skyrocketing demand for rentals in the city to avoid doing essential repairs and renovations because tenants have very limited options. Consequently, some properties in the city are in a deplorable situation and tenants are having a difficult time to get a well maintain rental house. Sometimes tenants are forced to do some minor repairs such as painting the house by themselves.

Submitted by Tampa Property Management Company:

Advantage Realty Services, Inc

3337 W Bearss Ave., Tampa Bay, FL 33618

(813) 908-8300

It is true that many real estate investors are discouraged from hiring professional property managers to take care of their investments because they believe that they can make more money if they manage the rentals by themselves. I too had the same perception when ventured into rental properties investment. Later on, I hired property management in Idaho Falls to help me after realizing that I could not maximize returns from my investments when doing the management myself. Just to encourage other investors out there to hire qualified individuals to take care of their investments, here are the fundamental ways on how a property manager made me more money.

1. Collecting rent became easy and convenient

One of the most difficult tasks, when you choose to manage your rental properties, is collecting rent and rental deposits. I personally lost a lot of money from rent defaulters because some tenants could vacate the houses without my knowledge. However, when I hired a professional to take care of my investments, I no longer had cases of rent defaulters. Consequently, I have been able to maximize my rental income and accumulate more wealth.

2. Vacancy rates became minimal

Initially, my rental properties could stay for even five months without tenants because it was very difficult to find and convince potential tenants to occupy my properties. However, things changed tremendously when I hired a property manager to help. My manager marketed my properties intensively to potential tenants and none of my houses has ever remained vacant for more than a month without a tenant. As a result, I have been able to maximize my rental income and make more money.

3. My manager has helped me get better deals

When I first ventured in the real estate investment, it was difficult to determine where properties were gaining value fast and where demand for rental properties was high in the city. Consequently, I ended up acquiring some properties in areas where demand for rentals was quite low and houses were very expensive. However, everything changed after hiring a professional property manager to help me manage my investment. The manager has really helped me to acquire properties in areas where demand for rentals is high and houses are affordable.

4. Cases of unsatisfied tenants are no more

Initially, I used to lose many tenants on the basis that they were not satisfied with my services. This is because I lacked adequate knowledge about the local market and specific demand and expectations of the local tenants. However, I no longer have cases of unsatisfied tenants after hiring a professional local property manager to help me. I have some tenants who have stayed in my houses for over five years and I have enjoyed steady rental income for many years.

5. I can concentrate on other productive activities

When I was managing my rental properties myself, I had no time to venture into other productive activities and make more money. I used to spend most of my time moving from one property to another to attend to tenants’ needs. However, I no longer have to spend all my time attending to tenants’ because there is someone to do it on my behalf. I now have more time to concentrate on other productive activities and make more because, something that was not possible in the past.