All of the large-scale apartment complexes built in Jacksonville last year were considered "high-end" — that is, they’re not affordable for most families.
That’s according to a nationwide study by the property-management-software company RENTCafé.
RENTCafé’s Nadia Balint says new construction is following the same trend nationwide, and middle-income renters are being priced out of areas where they want to live.
“They are forced to choose between spending more than they can afford on rent and utilities or settle for older buildings in less attractive locations,” she says.
RENTCafé is tracking 10 large complexes expected to be completed in Jacksonville by the end of next year.
Of those, three are expected to be what’s considered “affordable,” with some sort of government subsidy available to help renters.
See the entire RENTCafé study here.
