JACKSONVILLE, Fla. — (The video above is from a previous report)
The competitive housing market is driving up rent in many places across the country and Jacksonville is no different.
Jacksonville ranked as the 63rd most expensive rental market in the nation last month, with the prices of one and two bedrooms settling at medians of $1,050 and $1,290, according to a National Rent Report provided by Zumper.
Most notably, the price of two bedrooms in Jacksonville is up 15.2% since this time last year, the report says.
Since March 2020, the national one-bedroom rent has risen 10.7% to $1,352, while two-bedrooms have risen 13.1% to $1,663.
When will renters see a break in the dramatic increase in rent? Perhaps soon, experts say, as the real estate market starts to cool off a bit.
“The way we’re describing it is really that the fever broke,” Ali Wolf, chief economist at real estate research firm Zonda Home said in a recent interview.
Wolf is referring to the escalating home prices that have benefited sellers but pushed hopeful buyers out of the market.
“In June the housing market started to behave a little bit differently,” Wolf added. “Do not get me wrong, we are still in a sellers’ market. It’s just that now the buyers actually have a seat at the table.”
Any improvement, seen through the eye of a buyer, is an improvement.