Rent on the rise in Jacksonville despite more complexes

It’s getting more expensive to rent in Jacksonville, even though more apartments are being built.

As you drive through the St. Johns Town Center, you have probably noticed the hundreds of apartments that are coming to the area.

More than 2,500 new apartments are expected to be built this year.

That’s about 900 more apartments than last year, according to Rent Café.

But rent is going up, just as fast as new units are.

“Is it kind of overpriced? I mean…I would say so,” said Stephon Thomas, a renter.

And according to Rent Café – the cost to rent increased about 5 percent over last year.

On average in Jacksonville, renters are paying around $900 a month for a one bedroom.

But Jeff Burgess, a broker with Century 21 said renters are willing to pay the price.

“The newer generation is coming along that aren’t necessarily tied to the 'I’ve got to own a home' kind of (thing). They’re a little bit more flexible,” he said.

Burgess said more young professionals are renting because they want to be closer to work and restaurants and shops.

That explains why so many apartments are going up near the Town Center, where almost everything you need is walking distance away.

“I’m close to town center, I’m close to school,” Thomas said.

Which is exactly why Thomas rents in the area.

“You gotta pay for what you get,” he said.

But Burgess said if the cost to rent goes up too much, renters will become buyers.

“I think more people will take a look at owning a condo, or owning a second family home because that’s going to be their opportunity for continued wealth to build off,” Burgess said.

Cox Media Group