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Home prices, rental rates surge in Jacksonville

JACKSONVILLE DAILY RECORD (JULY 2, 2018) -Inventory for residential real estate not keeping up with demand, triggering increase in prices.

Good news for owners of residential properties: Jacksonville is seeing some of the highest increases in home prices and rental rates in the nation, according to two reports released last week.

First American Financial Corp.’s Real House Price Index for Jacksonville rose 14.3 percent from April 2017 to April 2018, the third-highest increase in the country.

The only markets with bigger year-over-year increases were San Jose, California, at 23.9 percent, and Las Vegas at 18.2 percent.

Meanwhile, a report by real estate technology and analytics firm RealPage Inc. found the monthly effective rent for an apartment in Jacksonville rose at an annual rate of 4.9 percent in the second quarter, also the third-highest increase.

Only Orlando, with a 6.6 percent increase, and again Las Vegas, with a 5.8 percent increase, rose more.

Of course, good news for property owners isn’t so great for people searching for a place to live.

Read more at: JACKSONVILLE DAILY RECORD.

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