Landlord Tips & Tricks

July 31, 2024

What's The Average Rent In Jacksonville, FL

Zoe Harper

Marketing

Jacksonville, FL, has an exciting market for renters with appealing rates. The median rent is $1,341 now. This shows a small drop of 0.6% from last month and a 4.1% decrease over the past year¹. It's a good time for those looking to rent in the city.

A one-bedroom apartment is about $1,127 on average. For a two-bedroom, it's around $1,326. This makes Jacksonville the 67th priciest big city in the U.S¹.. For more on rent trends, check Apartment List's rent report.

Figuring out rent prices in Jacksonville, FL, helps with planning your budget. The city’s living cost is 6% lower than the U.S. average. Rental calculators can offer insights for those moving to the area. Jacksonville's rental market shows a range of prices. It varies by the type of apartment and location, in both the city and suburbs.

Key Takeaways

The median rent in Jacksonville, FL is currently $1,341, down 0.6% from last month and 4.1% over the past year¹.
The average rent for a one-bedroom apartment in Jacksonville is $1,127, while a two-bedroom costs $1,326¹.
Jacksonville ranks as the 67th most expensive large city in the United States¹.
Prospective renters can find detailed rental trends and fluctuations on Apartment List.
Jacksonville's overall cost of living is 6% lower than the national average, making it a budget-friendly city for renters.

Overview of Jacksonville, FL Housing Market

The housing market in Jacksonville, FL, shows a mix of strengths and challenges. Homes in Jacksonville were selling for $194 per square foot, with a median price of $306,500. This was 1.37% below the asking price². Houses usually stayed on the market for about 47 days before being sold².

In the last decade, Jacksonville's housing market surged by 137.67%². This means a yearly growth of 9.04%, showing the market's strong performance². Despite some dips, there's been a 16.06% growth over the last two years. And an impressive 61.51% increase over five years².

The rental market in Jacksonville, FL, has seen varied trends, with rents for single-family homes around $1,800 a month². About 63.2% of homes sold under list price as of March 31, 2024². The average home value is $302,071, with homes going to pending in about 31 days².

Since 1982, home prices in Jacksonville have climbed by 4.6% annually, about 25% higher than in cities like Dallas and Memphis³. From 2017 to 2019, its population grew by 3.6% per year. This growth made it the 5th fastest-growing large metro in the U.S³. Such growth and increased apartment availability show Jacksonville's economic resilience.

The housing market in Jacksonville offers a story of growth and opportunity. Despite the hurdles, the long-term view is upbeat. Analysts expect a modest growth, predicting a 0.1% increase by May 31, 2024².

Current Median Rent Statistics in Jacksonville

Jacksonville's median rent figures reveal insights into the housing market. It helps potential renters budget wisely.

One-Bedroom Apartments

The median rent for a one-bedroom in Jacksonville is $1,127. This is less than the national average of $1,239⁴. It's an affordable choice for singles or young workers.

Two-Bedroom Apartments

Two-bedroom apartments in Jacksonville cost about $1,326 on average. This price is lower than the national median of $1,396⁴. It's perfect for small families or roommates wanting a good living space at a fair price.

Three-Bedroom Apartments

Three-bedroom apartments in Jacksonville have a median rent of $1,770. This price supports various household sizes⁵. It's great for bigger families or those who need more space.

Historical Rent Trends in Jacksonville

To really get the whole picture of Jacksonville's rent trends, we need to look at the past. Over the last year, rents in Jacksonville went down by 4.1%. This is different from what's happening in the rest of the state and country⁴. It shows how rent prices can go up and down over time.

Year-over-Year Changes

In 2019, people in Jacksonville were paying around $1,121 a month for their homes. That was 3.60% more than the year before⁵. But recently, the median rent fell by 4.1%, now sitting at $1,341⁴. This tells us how unsure the housing market can be, giving key tips to those looking to rent or invest.

Monthly Fluctuations

Even the monthly rent prices in Jacksonville can't seem to stay the same. For example, there was a 0.6% decrease recently, dropping the median rent to $1,341⁴. Yet, this year, rent went up by 0.4% from last year⁴. This slight increase from one year to the next might show where the market's headed.

Comparison of Jacksonville Rent to National Average

Jacksonville's median rent is $1,341. This is affordable compared to the national median of $1,411⁴. Jacksonville's rent is 5.0% lower. It's a less expensive option, especially when you look at rents across the country. With lower costs, Jacksonville becomes a great choice for renters. The city's rent is cheaper for all apartment sizes⁴.

When we compare Jacksonville's rents to the national average, we see it's 5% cheaper⁴. A 1-bedroom in Jacksonville costs $1,127, less than the national $1,239. For a 2-bedroom, it's $1,326 in Jacksonville, cheaper than the $1,396 national median⁴. Renting in Jacksonville can lead to big savings.

Jacksonville's rent matches places like Pittsburgh, PA, and St. Paul, MN⁴. These cities have similar rent costs. Yet, rent growth in Jacksonville is slower than the nation's average. This makes Jacksonville a cost-effective place to live. Over the last year, rent in Jacksonville only went up by 0.4%, showing a stable and affordable increase⁴.

Cost of Living in Jacksonville

Several key factors affect the cost of living in Jacksonville. These include goods and services, groceries, health care, housing, transportation, and utilities. Understanding these areas helps with financial planning in Jacksonville, FL.

Goods & Services

The cost of goods and services in Jacksonville is quite low. For example, a fitness club membership is about $27.62 per month. Movie tickets cost roughly $11.25. Renting a tennis court for an hour or going bowling costs approximately $11 and $13.83, respectively⁶.

Groceries

The monthly cost for groceries in Jacksonville is about $293.72⁶. This is reasonable compared to other cities. It plays a big part in the city’s overall expenses.

Health Care

Health care costs in Jacksonville are lower than the national average. This affordability benefits retirees and families. It adds to the appeal of Jacksonville's lower overall cost of living.

Housing and Transportation

Housing and transportation significantly impact Jacksonville's expenses. The median rent is $1,341, showing a slight decrease recently⁴. Transportation is 12.7% cheaper than the national average.

The average gas price is $2.57 per gallon. This leads to an annual cost of around $1,850 for the typical driver⁷ ⁶. These costs make Jacksonville more affordable than many other cities.

Utilities

Utility costs in Jacksonville average $164.70 per month⁶. This includes electricity, water, and basic utilities. While slightly above the national average, overall living costs remain low. A detailed cost of living analysis helps residents navigate these expenses⁶.

Top Neighborhoods and Their Average Rents in Jacksonville

Jacksonville, FL, is home to various neighborhoods suitable for different tastes and lifestyles. Each area has a special vibe and its own rental costs. Jacksonville Beach is perfect for those who love the water and a busy scene. Murray Hill feels more like a tight-knit community.

When it comes to rent, Jacksonville Beach is on the pricier side, offering a fancy lifestyle. Meanwhile, the Mid Westside has more affordable living options. This shows Jacksonville has places that fit different budgets and preferences.

Riverview has one-bedroom apartments for around $900 a month⁸. Highlands is slightly higher, with rent at about $1,000 a month for a similar apartment⁸. Mandarin combines suburban peace with city life, where such apartments go for $1,200 monthly⁸.

Bartram Park is gaining popularity, starting rents for one-bedroom apartments are about $1,300⁸. These prices show that Jacksonville has a wide range of options for renters, meeting various financial and living needs.

Lately, rent prices in Jacksonville have gone up, especially in places like San Jose and Arlington, where rents jumped nearly 40% in two years⁹. This increase is part of a bigger trend in Jacksonville, where rents have climbed over 30% since the pandemic began⁹. Springfield, with its historical appeal, saw rent prices soar by 67% since 2017⁹.

Overall, Jacksonville's sought-after neighborhoods have witnessed a 48% rent increase over the past five years. Most of this spike happened after March 2020⁹. With high demand and climbing prices, knowing about neighborhood rent prices is key before deciding where to live.

Factors Influencing Rent Prices in Jacksonville

Knowing why rents vary in Jacksonville matters to renters and investors. Several things affect the city's rent prices. Key factors include where a place is, the type of property, and how much building is going on.

Where a house or apartment is located is huge for rent costs. Neighborhoods like Riverside and San Marco are top picks. They are close to downtown and fun places. Also, homes and luxury apartments usually have higher rents than small, older units.

The city's economy also plays a big part in determining rents. With the economy shifting, people's ability to pay rent changes too. For example, from December 2020 to December 2023, median rents in Jacksonville jumped from $1,187 to $1,545¹⁰. This rise was due to more people wanting places than there were available.

In 2023, Jacksonville's rents dipped by 0.7% - the first drop since 2020¹⁰. This shows how changing supply and demand can impact rent prices. Plus, Jacksonville is a leader in new apartment builds. This shows there's a strong effort to meet the high demand for housing¹⁰.

Competition for rentals is also influenced by nearby areas like Miami-Dade County. It has the highest rental competition in the U.S¹⁰. Although Jacksonville isn't as competitive, it still feels the impact. This is why rents can differ within the city.

Last, the number of homes for sale can influence rent prices. The median home price in Jacksonville is now $295,000, a slight increase from last year¹¹. Also, fewer homes were sold in March 2023 than the year before¹¹. This housing market trend can lead to more people renting. This, in turn, can raise rent prices due to increased demand.

Availability of Rental Units in Jacksonville

The search for rental units in Jacksonville is shaped by various factors. These include market vacancy rates and the introduction of new buildings. These factors help renters understand the local housing market.

Market Vacancy Rates

In Jacksonville, the apartment vacancy rates show how many rentals are available. These rates decide how much rent you'll pay and how easy it is to find a place. A good vacancy rate means there is enough supply for the demand, making it easier to find homes.

The average rent in Jacksonville is $1,341. This price is reasonable compared to cities like Pittsburgh, PA, and St. Paul, MN⁴. For bigger families, 3-bedroom flats start at $1,876, giving many options¹².

New Developments

New rental properties in Jacksonville are increasing. These new places often have the latest amenities, attracting different kinds of renters. For a 1-bedroom apartment, the average rent is $1,289. This offers affordable living choices for singles and small families¹².

Moreover, many new properties welcome pets, making them more appealing for pet owners¹². New buildings help keep the market in balance. They affect rent costs and help Jacksonville's housing market grow.

Rent Specials and Incentives in Jacksonville

Jacksonville's rental market is buzzing with deals. These apartment rent specials Jacksonville include some great move-in offers from places like JWB. Here, you can find new townhomes for rent starting at $1600 a month. They also offer 50% off your first 6 months' rent and a $500 bonus for amenities for a short time only. Check out their offers at JWB rental homes ¹³. These deals are perfect for anyone looking for a great place to live with top-notch service.

The average monthly rent for apartments with these special deals is about $1,398. This is even a bit cheaper than Jacksonville's average rent, which is $1,399 a month¹³. With such close numbers, the competition in rental deals in Jacksonville, FL is fierce. It encourages people to actively search for these offers.

In popular areas like Arlingwood and Baymeadows, the deals are very tempting. You might find lower rent, no fee for applying, or even free utilities. These offers can really make a difference when choosing where to live. So, keeping an eye on them and acting fast could save you money and land you a great home.

What's more, some rentals in Jacksonville offer special amenities. About 30% have laundry facilities in the unit, and 70% provide outdoor spaces¹⁴. If you're looking for extras, there are places with garage parking (35%), dishwashers (15%), and even fireplaces (10%)¹⁴.

The rental market here often has amazing incentives, making Jacksonville a great choice for renters. With the right move-in deal or ongoing incentive, you can find a fantastic place to live. By making smart choices at the right time, you can enjoy the many apartment rent specials Jacksonville has to offer. This means living comfortably without breaking the bank.

Tips for Renting in Jacksonville, FL

Knowing how to rent in Jacksonville can make your experience better and more financially stable. It's important to plan your budget and read lease agreements closely. This helps renters make choices that fit their life and money goals.

Budgeting for Rent

In Jacksonville, the average rent is $1,341. Remembering this when budgeting is key Jacksonville. Rental prices have dropped a little recently. The city is now more appealing to renters.

Even though it's the 67th priciest big city in the U.S., its costs are like those in Pittsburgh, PA, and St. Paul, MN⁴. To handle your money well, renters should:

Use 30% of their earnings for rent, as many suggest.
Look into the living costs of various areas to pick the best one.
Look for rental deals and perks in Jacksonville.

Lease Agreement Considerations

It's vital to go over lease agreements in Jacksonville, FL carefully to avoid surprises. You should:

Know all the details, like the lease time, renewal options, and how to end the lease.
Look for extra charges, such as for upkeep, parking, and pets.
Be sure about rules on changing the lease, subletting, and your rights as a tenant.

Renters in Jacksonville can confidently move through the rental market by being well-informed and proactive.

Conclusion

The Jacksonville rental market is special because it's more affordable than big cities like New York or Miami¹⁵. People can live well in Jacksonville on a budget. For example, what costs about $5,078 in Jacksonville would need around $9,100 in New York City.

This makes the city great for young workers, families, and those retired.

In Jacksonville, different neighborhoods offer a range of rent prices¹⁶. You might pay around $1,000 for a one-bedroom in Southside. But, at the Beaches, a fancier place could cost over $2,500.

This price range meets various lifestyles and budgets. It makes Jacksonville's rental market versatile and appealing.

Rent in Jacksonville has dropped by -4.1% over the last year¹⁷. This means renters have a better chance to find good deals. The city also expects more jobs than the national average. This points to a stable economy and more opportunities.

Understanding local rental laws and planning for additional costs can make renting smoother¹⁵.

If you're thinking about moving to Jacksonville, there's a detailed guide here. It helps renters make choices that fit their life and budget.

FAQ

What's The Average Rent In Jacksonville, FL?

In Jacksonville, FL, the average rent is $1,341. Prices change based on the size and location of apartments.

How are the Jacksonville, FL rent prices trending?

The rental market in Jacksonville is becoming more renter-friendly. This means it's a good time for those looking to rent.

What are the current median rent statistics for one-bedroom apartments in Jacksonville?

Right now, renting a one-bedroom apartment in Jacksonville will cost you about $1,127 on average.

What about two-bedroom apartments?

For a two-bedroom place, the median rent in Jacksonville is $1,326.

How much is the median rent for three-bedroom apartments in Jacksonville?

If you need more space, a three-bedroom apartment's median rent is $1,770 in Jacksonville.

How has the rental market in Jacksonville, FL changed historically?

Last year, rent in Jacksonville went down by 4.1%. We even saw rents drop a bit, by 0.6%, recently.

Still, there was a time when rents were growing faster than the year before.

How does Jacksonville's rent compare to the national average?

Living in Jacksonville might be easier on your wallet. It's 5% cheaper than many other big cities.

What is the cost of living like in Jacksonville?

Jacksonville is pretty affordable. You'll pay less here for most things like food and medical care.

Housing and getting around are cheap, too. Only your utility bills might be a bit higher.

What are some top neighborhoods in Jacksonville and their average rent prices?

Depending on where you look, rent in Jacksonville can vary. Fancy places like Jacksonville Beach cost more.

However, areas like Mid Westside are more wallet-friendly.

What factors influence rent prices in Jacksonville?

A lot of things can affect rent prices here. It could be the economy, how many places are empty, how nice the area is, or if there are new buildings going up.