|Specialty||# of Agencies|
|Single House or Condo||13|
|Home Owners Association||7|
|Total Local Companies||23|
The average rent for a 3 bedroom house in Jacksonville, FL is $1,311.00. When you receive your requested free market assessment, compare the average rent to what a property manager expects your property to rent for before making your decision on which manager to hire.
Jacksonville, FL Rental Market Overview
Some Landlords up a Creek in The River City
While Miami, Orlando and Fort Lauderdale garner tourist attention, Jacksonville Florida remains the largest city by area and population in Florida. Bigger should be better for business, but Jacksonville's independent landlords often confront bigger challenges here than rental property owners with assets in other parts of the Sunshine State. That's because Jacksonville's current vacancy rate is 8.5%, the highest on the list of any city ranked in Marcus & Millichap's 2013 National Apartment Report (NAR). While more than three times more local jobs (9,700) were created in 2013 than in the previous year, the total employment increase for this area is only 1.6%. That's probably why Jackson placed 44 out of 44 in the NAR for the last two years. The 2013 report also estimated that more than 1,500 new rental units would be finished by the end of the year, an amount that exceeds the last three years of construction combined. If the below-average job growth and high vacancy rate continues, Jackson may remain a renter's market for the near future, resulting in considerable competition between local landlords and property managers.
Know How to Retain Your Tenants
Attracting prospective tenants in a market with a high vacancy rate is tough, but retaining good tenants should be the first priority among small landlords and individual rental property owners in Jacksonville where non-farm job gains are not consistent through all sectors, especially outside the leisure, hospitality and professional and business service. Some Jacksonville property management companies can also help you encourage your tenants to renew their lease at earlier dates, possibly for longer terms. An experienced property manager can often suggest key negotiating strategies that benefit both you and your renters. Signing up reliable tenants for extended leases can extend your revenue stream through slow economic times, creating long term stability until the local real estate market improves. Request your free information from these Jacksonville property management companies today.