Jacksonville’s Average Rent Is Down — Occupancy Is Up

Average rental rates fell both quarter to quarter and year over year

According to RealFacts, a nationwide data provider, average rental rates fell in metro Jacksonville last quarter even though apartment occupancy rates are on the rise. Average rental rates fell both quarter to quarter and year over year. RealFacts covers 42 metropolitan areas across the country and Jacksonville was one of eight that had a decline in average rental rates both quarter to quarter and year over year. Jacksonville’s average rental rate slid 1.2 percent to $802 from last quarter and 2.7 percent from $824 last year.

The 1.5 percent drop in Las Vegas to $763 was the largest drop and Jacksonville’s quarter-over-quarter drop was the second largest. Las Vegas’ 10.7 percent year-over-year drop was also the largest of the 42 areas in the data. Quarter over quarter, Atlanta saw the largest rent increase at 3 percent to $816. However, that rate was down 3.7 percent from last year. The largest year-over-year gain was Baltimore, up 5.5 percent to $1,231. Of the 42 metropolitan areas, San Jose had the highest average rent at $1,556.

Although Jacksonville had the third lowest occupancy rate of the 42 metro areas, it rose 3.5 percent from last year and 89.5 percent on the quarter. The lowest rate of 88.6 percent was Phoenix followed by Houston at 89 percent. Only five markets of the 42 had a decrease in average occupancy rates when compared to last quarter and Durham, N.C. fell the greatest at 1.3 percent to 91.3 percent rate of occupancy. Two markets had occupancy decreases from last quarter: Tulsa at 0.9 percent and Houston at 1.3 percent.

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