Demand continues to rise, along with rental prices, for apartments and other home rentals in the Jacksonville metro. Most real estate experts are bullish on the Jacksonville rental market with prices trending back up after dropping to an average low of $1,275 in December. Regardless of other economic factors, demand for rentals in Jacksonville is expected to drive prices up throughout the rest of 2019.
According to Trulia the average price for all rentals in Jacksonville was $1,325 in May 2019. Prices in April were up over 10% over the previous year. So far the fastest growth in rental prices has occurred in the surrounding suburbs.
The highest rental areas also offer most access to the ocean, including Jacksonville Beach (2nd). Jacksonville Beach has seen rent prices increase by 18% since last year, while Neptune Beach is up about 10%. Southside continues to bring the highest rental rates at over $1,800 per month. In total nearly 87% of all rentals on the market in the Jacksonville metro rent for at least $1,000 per month. Clay County is also reporting strong numbers. The Orange Park area has seen rental prices jump 11% since last year.
Jacksonville rentals have also now surpassed the national average. While Jacksonville was below the national average all of 2017 and the first half of 2018, since last summer those numbers have changed. Average rental rates in Jacksonville are now about $150 higher, per month, than the national average. It’s the first time since at least 2016 that rental prices and demand has been this far above the national average.
With rental demand continuing to soar (along with prices) it’s the perfect time to invest or list and make sure you’re getting the most from your investment. Landmark Commercial Realty is ready to help you invest in rental properties, or list your’s with us. Whether you’re an experienced or novice commercial investor we’ll guide you through the process so that you can always get the most from your investment.