How is the rental market in NE Florida?

You may have seen headlines about rents declining across the country; that is actually not the case here in Northeast Florida.

Rents are still at a premium level based on the limited number single family homes for rent, and also higher interest rates deterring buyers.

We can also see that anything near the beaches, as you’d expect, has a premium price. Single family homes are continuing to increase (up 4%+ since 2023) while multifamily, condos and apartments are declining slightly (down 1.1% since 2023). Zip codes 32209 offered the cheapest rent at $1,168, while 32081 was the most expensive at $3,067.

So are rents going down, as they say? No actually rents increased in most zipcodes throughout Jacksonville since the same time last year. You can see most of St Johns County by 1.8 to 4.8%, illustrating a potential opportunity for investors, which could be a remodel away for many rental properties. Parts of the Jacksonville city market saw increases of 11.7%.