RISING RENT: 💰 The I-TEAM breaks down increases in Jacksonville rents by zip code; one zip code actually experienced a decrease.
According to real estate professionals, out-of-state investors are mostly to blame.“I have people that come in and the rents are going up $300-$400 per month,” Brown said.
The News4JAX I-TEAM caught up with Brown in the 32211 ZIP code in Arlington. It’s where the median rent has increased 61% in the just a year. The median rent right now in 32211 is $1,500, according to the latest data frominvestors that live up north that are buying our homes, our apartment buildings, our duplexes and quadruplexes down here,
” Brown said. “And they’re raising the rents so high that landlords feel that they can get on board. Oh, they’re going to get $1,200 and $1,300, then why can’t I?” The ZIP code 32208, which encompasses a large portion of North Jacksonville, experienced the second highest rent increase of nearly 39%. People are paying on average $1,320, for their monthly rent.In the ZIP code 32224, just east of the St. Johns Town Center, rent has increased nearly 38% with a median rent of $1,975 dollars
And in the ZIP code 32250 in Jacksonville beach, it’s seeing a 34% price hike, and a median rent of $2,550 dollars.
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