JACKSONVILLE, Fla. – Jacksonville ranks fourth on the list of fastest growing rents in large cities, according to a report published by RentCafe.
The report looked into rent costs in Duval, Nassau, St. Johns and Clay counties.
If you are looking to rent an apartment in Jacksonville, the good news according to Jacksonville realtor Sally Suslak is there are new apartments being built.
However, there is also a growing population and a very high demand, which means they won’t be on the market long and they will cost more.
It all comes down to supply and demand.
Some of the thousands of new apartment units being built in Jacksonville this year can be found along Town Center Parkway.
While some of these new complexes are already looking for renters, others are still under construction- being built within a half-mile radius of each other.
“It has been crazy, the growth has been phenomenal,” Suslak said.
As a realtor at Traditions Realty, Suslak has seen the demand for apartments in Jacksonville continue to grow since the recession.
According to a recent report published by RentCafe:
- More than 2,500 new units are scheduled to be complete this year
- That’s 51% more than last year.
- Jacksonville is building more apartments on a year-to-year basis than any other major city in Florida
- Meanwhile, rent prices are up roughly 5.2% from last year
For renters, that means everybody is going to be paying a little bit more.
“Even the new low income apartments that are going in are competitively priced for the market so that’s driving up all the other existing apartment prices,” Suslak said.
She recommends renters act quickly if they find an apartment they want at a price they can afford. As you look for apartments, make sure you have all of your information ready to speed up the application process.
You will need employment and your rental history for most applications.