JACKSONVILLE, Fla. – Jacksonville rent costs are trending upward at one of the fastest paces in the country, according to a study by RENTCafe, a company that tracks apartment trends.
The study found that rental costs are up over 5.1 percent from last year, one of the top five jumps in the country.
Bryan Davis, whose company deals in corporate apartment rentals, said he's seen even bigger increases, as high as 15 percent to 20 percent.
He said new complexes are renting for those higher prices and aren't sitting vacant because there's a demand.
“Jacksonville is growing. Lots of people (are) coming here, and there’s a need for short-term housing before they move into their long-term home or one of these long-term apartments,” Davis said. “Yes, we are seeing a huge increase in people coming to Jacksonville.”
The average rent in Jacksonville is about $1,000 a month, but prices vary based on the amenities offered.
Dan Hardisty, who has been renting in Jacksonville since December, said he’s not surprised about what’s happening with rents in town. He said he expects his rent to go up again.
“It’s supply and demand. That’s all it is,” Hardisty said. “Mine is worth it.”
Some say the upward trend in costs highlights a big need for affordable housing in Jacksonville.