The Tampa metro area is seeing strong fundamentals in the multifamily space. For example, average advertised asking rents in Tampa stood at around $1,818 per month through May 2025, slightly above the U.S. average.  Vacancy and occupancy remain healthy in many sub‑markets. 

Meanwhile, investment sales of multifamily properties remain robust, with Tampa’s multifamily market recording some $2.3 billion in sales in the past year. 

These facts matter because when demand is strong, rental units tend to stay occupied, rents hold up, and your investment is more likely to generate income and build equity over time.

The Multi‑unit Strategy: Duplexes, Triplexes & Four‑plexes

Instead of buying a single‑family home just for yourself, consider buying a duplex, triplex or four‑plex. Why? Because:

• You can live in one unit and rent out the others. This means you’re essentially getting help paying your mortgage from your tenants.  
• Multiple units reduce risk: if one tenant moves out, the other units can still bring in income.  
• You build equity both from the property appreciating and from the mortgage principal you pay down (with rental income helping cover payments).

Let’s say you buy a four‑plex in Tampa. You occupy one unit, rent out the other three. The rental income from those three units can help offset the cost of the mortgage, taxes, insurance and upkeep. This is a classic “house hack” strategy.

How Rental Income and a Signed Lease Agreement Work for You

One of the most powerful levers in this strategy is using rental income to reduce your effective mortgage burden.

Use Rental Income to Qualify for the Loan

According to Fannie Mae guidelines, if you’re investing in a property or buying a 2‑4 unit property you will occupy, rental income may be counted toward your qualification — if you document the lease or rental history correctly. 

For example, lenders often use 75% of projected rent (to account for vacancies/expenses) when counting rental income. 

That means if a unit rents for $2,000/month, a lender may count $1,500/month toward your income calculation.

Rent Income Offsets Your Monthly Payment

When tenants pay you rent, that reduces your net out‑of‑pocket cost for the property. For example, if your total monthly cost (mortgage + taxes + insurance + maintenance) is $4,000 and you collect $2,500 from the other units, your own cost drops to $1,500.

This scenario is discussed in an article about owner‑occupied multifamily investing:

“If the owner can rent the other units … they’re just paying $1,000 to live in the unit — nearly half what they’d pay for a single‑family home.” 

Signed Lease Agreements Matter

If you don’t have a full year of rental history, a fully executed lease agreement can help support projected rental income for qualification. 

Having strong leases in place reduces lender risk and strengthens your ability to use the rental income strategy.

Final Thoughts

Buying a duplex, triplex or four‑plex in the Tampa market can be a powerful way to build equity, reduce your mortgage burden and set yourself up for long‑term wealth. With strong rental demand in Tampa, the ability to live in one unit and rent the rest, and financing options that favour owner‑occupied multi‑units, you have a compelling investment pathway.

Just do your homework: run the numbers, vet the property, ensure leases are solid, and manage for cash flow + equity. The sooner you start, the sooner your tenants help pay your mortgage, and you start growing your wealth.