Seeing as Tampa was mentioned it is interesting to compare some economic data to our own largest market here in Toronto.
Both have an expanded market area: The
Tampa Bay Area vs
Greater Toronto Area
Population is hard to get up-to-date accurate info so I linked Wkikipedia for an easy reference: There are about 4.5M people in the Tampa vs over 5.5M in the GTA (6.0 M including Hamilton) . So Toronto is some 25% -35% bigger.
According to the U.S. Bureau of Labor the
unemployment rate in Tampa was 6.2% in May . City of Toronto statistics says unemployment
8,2% as of May in the GTA. 8,8 in the City.
There was a lot of controversy about the net migration to Toronto in the press but the claim was 100,000 people coming here annually. Before the crash there were 92,000 people moving to the smaller Tampa Bay Area annually. In is more like 70,000 currently by the best estimates I have seen.
I would think the population numbers do not reflect reflect the large number of people who make their second homes in Tampa but remain on the census in their primary residences.
The average price of a home in Tampa in May was less than 200K in Tampa vs well over 500k in the GTA.
And while you will not get 20% net return you can legitimately pick up a house for 60K all in and rent in for 800+ in Tampa.
Whereas in Toronto for the same cash you can get a parking space and rent it for 150-175 .
Easier to get a loan on the parking space however. I suppose that is the point.