Florida’s fastest growing city sparks rentals rush

In a newly released list of the US cities that have grown the most since the 2010 Census, Tampa ranked the highest for the Florida region. The sunshine state did not even make the top 25, but a population growth of 3.1 per cent between April 2010 and July 2011 has turned Tampa into a hotspot for buy-to-let investors, according to Feltrim International.

"The recession has put the brakes on retiree snowbirds," admits Managing Director Adam Cornwell, "[but] with no new homes being built in the area and many families unable to buy due to lack of bank lending, Tampa's population growth is creating a strong demand for rental accommodation. Overseas investors are taking advantage."

Cornwell highlights the city of Brandon as an example of the state's rapid growth. The 2010 Census counted the population at 103,483 - a 32.8 per cent increase on figures from a decade before.

Adam continues: "Now the 27th largest community in Florida, Brandon has seen a significant amount of newer housing growth in recent years. A number of wealthier middle class families and couples are moving in attracted by jobs, a healthy local economy and green, open, coastal environment. Whilst many credit histories remain tainted and mortgages a scarcity, rental is the only option. The Feltrim Group of Companies has just released its latest project, Park Lake, a waterfront condominium development that is already 98 per cent occupied by professional tenants. Asking prices are 60 per cent below their 2007 peak and we can offer net rental yields of up to 10.57 per cent per annum - an extraordinary figure."