The Rise of Corporate-Owned Homes in Tampa Bay: How Real Estate Investment Companies are Impacting the Housing Market

The rise of corporate-owned homes in the Tampa Bay area is causing concern among residents like Tamika Morris, who has been bombarded with calls, texts, and letters from real estate investment companies looking to buy her home. These companies, backed by Wall Street and private equity, have amassed around 27,000 homes in the region, leading to a growing single-family rental market.

While proponents argue that these companies provide more options for those who can’t afford to buy, experts warn that they exacerbate the housing market issues by shutting out individual buyers. The concentration of ownership among a handful of companies has been linked to rising rent and sales costs, neglected property maintenance, and higher eviction rates.

For families like Morris’, the impact is personal. She fears that her children may not have the same opportunity for homeownership in such a competitive market. The influx of corporate-owned homes has made it difficult for individuals to compete in the housing market, with companies using algorithms to make offers above asking price and bypassing inspections.

The effects of corporate ownership are especially felt in areas with lower median household incomes and majority-Black neighborhoods, where housing costs are further inflated. City officials in St. Petersburg have taken notice of the concentration of investors in working-class neighborhoods, raising concerns about affordable housing.

As the Tampa Bay area grapples with the growing influence of corporate investors in the housing market, residents like Morris are left wondering about the future of homeownership and the impact on their communities. The series “Buying up the Bay” will continue to explore how these companies are affecting renters, maintenance issues, evictions, and gentrification in the region.