Average Jacksonville Area Rent Up 18.5% Over 2020
The price of rent in the Jacksonville metro area is continuing its upward trajectory, according to data out this week.
Although the amount of available rental inventory rose 2.7% in July, the average rent in the area rose even more quickly, at a rate of 3.4% in July, to $1,597, according to online realty company Zillow. The Jacksonville metro area's new average rent represents a year-over-year increase of 18.5%.
"With the economy continuing to reopen, employees receiving more long-term guidance on remote work, and as students find their way back to college campuses, the rental market is picking back up," said Nicole Bachaud, Zillow economic data analyst in a news release. "As high demand puts pressure on rents and incomes are unable to keep up, affordability will become more of a challenge in the coming months."
Jacksonville's rising rents are following a statewide trend. Tampa’s annual rent growth was 21.4% to $1,819, while Miami-Ft. Lauderdale’s annual increase was 17.1% to $2,249.
Nationwide, renters in the New York market have the highest monthly rent on average, at $2,671, while Salt Lake City has the lowest average rent in the top 50 metros, at $1,547.