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.
Bill Bortzfield can be reached at bbortzfield@wjct.org or on Twitter at @BortzInJax.
