I had been doing some research about Jacksonville and am going there soon and it seemed the rental market was hot with low vacancy rates. I'm looking now at listings for properties that are lower end, in the urban core area and west of there so I then checked Zillow rentals to see what's out there in terms of the rental prices and times on market, etc and I'm seeing more rentals than I thought there would be, some have been on over 30 days as well. Some seem like decent houses for the neighborhood (interiors up to date, not super run down or anything), I'm wondering if anyone has any insight as to whether the rental market is cooling off in these lower end neighborhoods or maybe some of these are just landlords trying to stretch too much and asking more for rent than the market currently is bearing?
@James Elden we have some lower end units in west Jacksonville that we have been raising the rents on for the last two years, starting $550 now up to $775. Unfortunately most of our turnovers have come in slower than normal holiday months (Nov,Dec, Jan) but we most times have had a renter within 45 days of posting. And it’s not for lack of applicants. I agree with @Mark Fries, Property management is being smarter this time around to find the right fit. Weeding out a lot of applicants with eviction history and failure to submit proper documentation, or failure to show the ability to pay security deposit after approval.
@Adrian Pagano ok thanks, I'll have to dig more into the listings I'm seeing, I'm guessing then the rentals I'm seeing that are un-rented for a while are overpriced.
The rental market is absolutely out of control crazy busy...property class doesn't even really matter... If something is not renting it's because the landlord or the property manager hasn't found the right tenant... It's not due to a lack of applicants... Thanks to the covid nightmare, landlords and property managers are being smarter this time around.
@James Elden we have some lower end units in west Jacksonville that we have been raising the rents on for the last two years, starting $550 now up to $775. Unfortunately most of our turnovers have come in slower than normal holiday months (Nov,Dec, Jan) but we most times have had a renter within 45 days of posting. And it’s not for lack of applicants. I agree with @Mark Fries, Property management is being smarter this time around to find the right fit. Weeding out a lot of applicants with eviction history and failure to submit proper documentation, or failure to show the ability to pay security deposit after approval.
@Brian Thacker I am in the Jacksonville area, just beginning my real estate journey though. Currently own 2 SFH, looking to sell one and move into the multifamily space. I would love to connect and meet others around here though. My current realtor is an investor herself and has been a huge help but it never hurts to network more!
The rental market is hot throughout our Metro area. On the owners side they are getting many applications. I had over 20 applications on my personal LTR but only one that qualified. My Property Management did a wonderful job. I agree with @Mark Fries days on market reflects on finding the right tenant. As Property Managements are doing CASH 4 KEYS that has caused an influx of tenants that did not pay their rent but did not get evicted. That is makes a good property mangers job that much harder.
I am using Spectrum, the new owner is doing a great job. This company use to be old school. With the new owner he has brought it up to date. I am very happy with their services and response time to both my tenants and myself. SPECTRUMREALTYCO.NET