It is never easy to look for a one-bedroom apartment rental in Jacksonville, Florida. You do not need to spend too much effort or time to search for the right apartment. There are simply enough available units out there with the local economy kicking in high gear.
Jacksonville Growth and Trends
There are about 1.5 million people living in Jacksonville. The last decade has seen the city grow by 24 percent. This is higher compared to Miami (16 percent) and Tampa (20 percent).
The number of workers in the city is also growing, doubling the national average. With the Panama Canal being expanded, more and more jobs will be brought to the city’s ports. It is expected that job growth will reach 40 percent by 2030.
Analysts expect this kind of growth to cities having a business-friendly environment. The city hosts the state’s only four Fortune 500 firms. It also boasts enviable healthcare services as shown by nearly two dozen medical centers and a thriving health and biomedical-related research community.
Rental Market Figures
Jacksonville’s housing market is more robust than many of the cities surrounding it. About 37 percent of occupied housing units are renter-occupied. That means that one in three homes in the city cater to the rental market.
The average rental yield in the city is one of the highest in the U.S. Rental growth is remarkable as well with an average increase of 2.6 percent annually, far better than the national year-on-year average of 0.5 percent. Some areas even grow faster like Butler Beach at 10 percent.
Average rent is nearly $1,100, which is relatively low. This very affordable rate harks back to the deluge of workers and people moving to the city. Median home price in the city is $210,000, a third cheaper than the national average. Median household income is $47,000, which is high enough for a large city. With low median home prices and high median household incomes, there is little reason not to be attracted to the cheaper rental rates.
A typical Jacksonville apartment has an average of 966 square feet. Studio apartments are the cheapest as they are the smallest. One-bedroom apartments are a bit larger, while two-bedroom and three-bedroom units are significantly larger and more generous.
The job and population surge during the past two decades are enough to warrant the city a respectable future, business-wise. Large cities usually grow slowly after long periods of expansion. But Jacksonville is an exception. The local economy is still finding ways to allow businesses to prosper.
The affordable properties only add to the charm of Jacksonville. More workers mean more income to spend. More people moving in means more consumers to serve. This makes renting an apartment a non-luxury.
Jacksonville, economically, is performing at a level that other Florida cities can only muster. Fueled by high population and job growth, the city is reaping huge rewards in its rental markets. With higher incomes and countless property options, inhabitants do not face any challenge in renting or owning properties.