Are condos a good investment in Tampa’s real estate market?

By Emeri & Joe Lewkowicz, The Lewkowicz Group

This is a question we hear almost daily from investors, first-time buyers, and even longtime homeowners looking to diversify their real estate portfolio: Are condos a good investment in Tampa right now?

After more than 40 combined years working in Tampa’s real estate market, the short answer is—yes, condos can be an excellent investment, when you buy the right condo in the right location with the right strategy.

Let’s break it down the way we do with our clients.

Why Tampa Condos Continue to Attract Investors

Tampa’s growth isn’t slowing down. We’re seeing continued population growth driven by job expansion, tax advantages, lifestyle appeal, and a steady influx of out-of-state buyers. Condos play a critical role in this market, especially for buyers who want low-maintenance living or turnkey rental opportunities.

Condos are particularly attractive in downtown Tampa, Channelside, South Tampa, Hyde Park, Westshore, and along the waterfront, where land is limited and demand remains high. These areas consistently attract professionals, snowbirds, second-home buyers, and renters who value location and convenience.

From an investment standpoint, condos often offer a lower entry price than single-family homes, making them more accessible for investors looking to get into the Tampa market without overextending.

Appreciation Potential: What We’re Seeing on the Ground

One of the biggest misconceptions is that condos don’t appreciate as well as single-family homes. While its true appreciation can vary, well-located Tampa condos have shown strong, steady growth over time—especially in walkable, amenity-rich neighborhoods.

We’ve personally seen condos in key Tampa corridors appreciate significantly due to:

1. Infrastructure improvements

2. New development and revitalization

3. Limited inventory near urban cores

4. Ongoing demand from buyers relocating to Florida
   
   

That said, not all condos are created equal. Building reputation, HOA management, financial reserves, and long-term maintenance all matter—and this is where experienced guidance makes a real difference.

Rental Income: Short-Term vs. Long-Term Strategy

Condos can be strong income producers, but success depends heavily on rental restrictions and HOA rules.

Some Tampa condo buildings allow:

1. Long-term rentals (12 months or more)

2. Short-term or mid-term rentals (in select areas)
   
   

Others have strict limits—or don’t allow rentals at all.

Before any client invests in a condo, we do a deep dive into:

1. HOA bylaws and rental caps

2. Monthly dues and what they cover

3. Historical special assessments

4. Insurance requirements

5. Market rent potential
   
   

When structured correctly, condos can offer predictable cash flow, especially for long-term rentals catering to professionals, medical staff, or corporate tenants.

The HOA Factor: Cost vs. Value

HOA fees are often the biggest concern we hear—and understandably so. But fees alone shouldn’t be the dealbreaker.

In many Tampa condo communities, HOA dues cover:

1. Building insurance

2. Exterior maintenance

3. Amenities (pools, gyms, security, waterfront access)

4. Landscaping and common areas
   
   

When you factor in reduced maintenance costs and insurance savings, condos can actually be more cost-efficient than owning a rental home—especially for out-of-state investors.

The key is knowing which buildings are financially healthy and well-managed. This is something our clients rely on us for, and it’s knowledge you simply can’t get from an online listing.

So, Are Condos a Good Investment in Tampa?

In our professional opinion—yes, they absolutely can be.

Condos are especially well-suited for:

• First-time investors

• Buyers seeking lower maintenance

• Snowbirds and part-time residents

• Long-term rental strategies in high-demand areas
  
  

The success of a condo investment in Tampa comes down to location, building quality, HOA structure, and having a clear investment plan.

Our Advice? Be Strategic.

Tampa’s condo market offers real opportunity—but it’s not a one-size-fits-all decision. With the right guidance, condos can be a smart, stable, and profitable addition to your real estate portfolio.

That’s where local expertise matters.

With decades of hands-on experience, deep neighborhood knowledge, and a client-first approach, Emeri and Joe Lewkowicz help buyers and investors navigate Tampa’s condo market with confidence—avoiding costly mistakes and identifying opportunities others miss.

If you’re considering a condo investment in Tampa, we’d love to help you evaluate whether it’s the right move for your goals.