If you’ve seen a sizable rent increase recently, you’ve got plenty of company.
Monthly statistics show Jacksonville’s average rent continues to steadily rise. RENTCafé reported the average rent rose $64 per month over the past year.
RENTCafé compared March 2018 to March 2019 and found the average Jacksonville apartment was going for $1,074; compared to $1,010 a year ago. That represents a 6.3% increase.
That’s almost double the national average, which saw a year-over-year increase of 3.2%.
Manhattan topped the most expensive list. The average rent there is $4,141; up 1.6% over a year ago.
Among large cities, Indianapolis had the cheapest average monthly rent of $857.
Jacksonville's rents are increasing even as the area sees a record amount of multifamily housing construction. Colliers International reported in January that roughly 2,500 new units had been begun since last June. Colliers predicted 2019 would be even busier with nearly 7,000 units under construction.
RENTCafé used data from Yardi Matrix, a commercial real estate data and research company, to compile the report.