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Tighter Squeeze on Renters? All JAX Large Apartment Complexes Built in 2015 Are “Luxury” Rentals

By Siddharth Mariappan

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According to a recent study by rentcafe.com, an apartment search site, Jacksonville is one of 14 markets where 100% of the multi-family projects greater than 50 units completed in 2015 have been classified as luxury. The average rent for JAX’s newly completed apartments is around $1,090 a month.

An article on the study in the Jacksonville Business Journal quoted Matt Wilcox, managing director of JLL’s Capital Markets group, as maintaining that JAX’s level of multi-family development is below most other markets, and that “Jacksonville’s pipeline is extremely healthy right now as far as the balance goes…. We’re under-supplied compared to a lot of the other major markets.” Wilcox also noted that developers typically build high-end developments since “nobody wants to build and limit their exit potential or limit their pricing.”

The new luxury construction is a sign of confidence in the housing market, said a rentcafe.com representative quoted by the Journal:

“The rapid, undeterred pace at which developers are building is a clear sign of confidence that there is strong demand, driven by certain groups who are opting to rent: renters-by-choice — wealthy households capable of owning, but choosing to rent — like empty-nest baby boomers and retirees, and lifestyle renters — double-income households — like millennials.”

If you’re a renter who would rather pay off your own mortgage instead of your landlord’s, give me a call at 904-570-1216 or shoot me an email at jonkbrooks@gmail.com. We can recommend responsive and reputable lenders who will help you get financially pre-qualified to buy a home. And, don’t worry if you don’t have a perfect credit score: those lenders work with clients having a wide range of scores, from as low as 500 to more than 800.

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