Jacksonville Rents: Are Rents Going Down This Year?
May 26, 2024
School's out and it's prime time for real estate. π€©
Typically, we see the highest number of real estate sales, the highest prices, and the most number of people seeking a new house to rent.
With rates and home prices pricing out a decent number of would-be home buyers, the rental market could be hotter than ever this Summer.
Because of this, I wanted to focus on the status of rents in Jacksonville this week.
Are rents in Jax going down?
As usual, the answer is it depends.
Various headlines show rents in Jacksonville down 3-6% over the last year depending on the source (Redfin, Apartment List, Zillow, etc.)
Looking closer, we can see that's not true everywhere in Jacksonville. π§
The map above shows the change in rents from April 2023 to April of 2024 by zip code in Jacksonville.
You can see that some areas are experiencing declines in the average rents while most zip codes in Jacksonville are continuing to increase.
Interestingly, if you're looking for the best deal on a rental, you should look in Orange Park or along JTB. π
Rents have declined in these areas - most likely due to the surplus of apartments that have been built in the past few years.
Also, you can't tell this from the map, but there's a big difference between single family home rents and apartment rents. ποΈ
Single family homes are continuing to increase (up 4%+ since 2023) while multifamily/condo/apartments are declining slightly (down 1.1% since 2023).
Where are the lowest rents in Jax?
Next, let's take a look at the average monthly rent across the various zip codes of Jacksonville.
Above you'll see the cheaper rents in green and the more expensive rents in orange/red.
This probably won't surprise you, but rents are more expensive as you spread out from Jacksonville's core and get towards the beaches, St. Johns county, and up in Nassau.
Finding Opportunity
These maps helps us see Jacksonville and better understand how the rental market is changing.
You might see headlines about rents declining across the country, but it is all dependent on your local market. π°
Further, there's a limited number of single family homes for rent. People are continuing to pay a premium to rent a home because interest rates are higher than they've been in the past few years.
If you're a real estate agent, you can help your prospective buyers get context on the rental market while weighing their options on buying.
If purchasing a home isn't in the cards for now, these maps can add incredible value as they rent in the meantime. π
Remember, it's not about selling a house. It's about helping people accomplish their goals - even if it means renting in the short-term.
Also, keep this in mind for your clients looking to invest in real estate.
They might think there's no good investment opportunities with rates where they are and headlines about declining rents.
Instead, those seeking a deal are likely to find one after some looking. In fact, certain properties might just be a renovation away from substantial cash flow.
The deals might not be obvious, but they're still out there. π‘
Here's to the start of Summer and your continued success! π
Dr. Alex Stewart
Founder
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