Millennials are different from people of past generations, as they embrace change and seek out new experiences in different cities around the U.S. and the world. This millennial spirit has given rise to a new type of entrepreneur, called “Tampreneur,” which in a combination of Tampa and entrepreneur.
Why has the term “Tampreneur” become so popular Forbes covered it in a recent article?
Tampa is one of the most popular destinations for millennial entrepreneurs looking to build businesses, enjoy a millennial lifestyle, and raise a family. As a result, the boom in real estate investing continues in metro Tampa Bay, as businesses grow in practically all sectors.
Feature Forbes article: Why Have So Many Millennials Become Tampreneurs?
One of the biggest concerns for millennials is finding employment, especially straight out of college. But, millennials also want to work for companies that embrace a millennial entrepreneurial spirit.
That’s why many millennials are attracted to Tampa, which has a growing job market with businesses owned and led by millennials.
Perhaps even more important, investors who want to put their money in projects that are appealing to millennials have chosen to start multi-million-dollar projects in Tampa Bay. Specifically, Jeff Vinik and Bill Gates have teamed up to invest in the types of infrastructure that is particularly appealing to millennials and Tampreneurs.
As a result, demand for real estate in Tampa Bay continues to grow, both for rentals and homes to purchase, which is a perfect scenario for real estate investors. Companies like Ten-X and Zillow recognize the growing demand for real estate by millennials, ranking Tampa a top city for first-time homebuyers in 2017.
Quality of Life
Millennials want different amenities than previous generations, while also choosing a home that leaves them room in the budget to enjoy their lifestyle.
As a demographic, millennials want amenities such as a thriving brewery scene, nice weather, a low cost of living, clean beaches and water in which to swim, music, culture, and a strong dating scene. As a city of millennials and for millennials, Tampa Bay offers these cultural amenities, and much more.
For example, Tampa is one of the first cities in the country to embrace the micro apartment concept. Urban Core Holdings is at the forefront of this movement, as the company is converting the top eight floors of one of their apartment complexes into micro apartments that are between 300 and 400 square feet. For just $850 per month, tenants get essentials such as a kitchen with a stove, a refrigerator, a dishwasher, a washer-dryer, a bed, a dining table, and a bike rack.
In addition, the city is currently working through its plan to revitalize the waterfront district. This $3 Billion plan, led by 30-year-old Ali Glisson, focuses on the 53-acre area that surrounds the Amalie Arena. The goal is to create the city’s very first health and wellness district.
Millennials love diversity, having become tired of towns and cities with a homogenous culture. They want global cities with people who don’t all look like same, offering a variety of global experiences within a single metro.
Here again, metro Tampa Bay offers many of the global experiences millennials are seeking, especially as real estate investors from different countries come to the Bay area bringing their culture and real estate expertise.
Top City for First-Time Homebuyers
As mentioned above, Tampa is one the top cities for first-time homebuyers. Ten-X ranked Tampa the #1 U.S. market for first-time homebuyers in Spring 2017, and Zillow ranked Tampa one of the top markets for first-time homebuyers in all of 2017.
Tampa Bay’s ranking as a top city for first-time homebuyers is indicative of the metro’s appeal to millennials, many who want to settle down and raise their family in a community offering the jobs and lifestyle of Tampa Bay.
Here are the factors Zillow took into consideration with its ranking, which again highlight Tampa’s growing appeal to millennials, and growing population of Tampreneurs.
- Lower median home values that allow for a smaller down payment.
- A strong forecast for home values.
- Supply of homes.
- A shorter breakeven horizon.
- Competition of the housing market.
These factors are very appealing to millennials who are interested in buying property. Furthermore, they’re positive for millennials who want to rent, because investors can purchase these homes and rent them to tenants at good rental rates.
Tampa Bay is a metro that naturally attracts millennials, partially because of the foresight of entrepreneurial investors like Bill Gates. As a result, businesses in Tampa Bay are growing and flourishing, as Tampreneurs increase in number and net worth. All of these factors increase the overall demand for real estate, boosting real estate investing throughout metro Tampa Bay.
Graystone Investment Group
Graystone Investment Group is an experienced real estate wholesaler in Tampa Bay. We serve local and international clients who flip homes in as little as 30 days, as well as clients who hold high cash flowing rental properties.
Unlike other wholesaling groups, we provide clients with a turnkey process at no extra charge. We find properties that we resell to investors at discount prices, while also connecting them with private financing. We also coordinate with rehab and management companies we’ve worked with for years.