With its warm weather and beautiful beaches, Florida is one of the most popular states to live in! In fact, over the past few years, Florida’s population has significantly grown, especially during the height of the pandemic when most companies adopted a work-from-home setup.
There are many reasons people are moving to Florida, one of which is its favorable tax laws. Even now that the economic effects of Covid are lessening, people are choosing to remain in the Sunshine State, and many others are planning to move here.
Jacksonville is a favorite destination for people looking for a new home! It’s a large coastal city home to over 940,000 people. According to data from Neighborhoodscout, around 45% of Jacksonville’s population are renters. This means that the Jacksonville rental market is as sunny as its weather.
In fact, Jacksonville is one of the top real estate markets that offer experienced and aspiring landlords lucrative investment opportunities. Real estate investors looking to purchase both long-term and short-term rentals can find plenty of opportunities in Jacksonville.
Here are some of the reasons why you should consider investing in Jacksonville, FL.
High Demand for Single-Family Homes
Despite the pandemic, the Jacksonville real estate market remains hot! There is plenty of demand from both homebuyers and investors that have caused real estate to appreciate quickly. Despite the increasing appreciation rates, the median home price in Jacksonville is still way below the US average. This means you can still find affordable listings for sale and earn generous returns from your investment.
Strong Rental Investment Opportunities
With current real estate trends and the continuously increasing demand for single-family homes in the city, many residents find renting a home to be more practical than buying.
So, what does this mean for a real estate investor like you? It simply means you’ll find plenty of opportunities to earn money from Jacksonville’s residents if you invest in a rental property!
Jacksonville is named one of the best rental markets in the country. If you’re an investor who wants to earn a steady income and positive cash flows, the Jacksonville rental market is a great option to consider. The city’s strong job market and steady population growth make it an excellent place to invest in rentals.
In addition, Jacksonville’s average monthly rent has increased by 16% over the past couple of years. Its rent occupancy rate remains high at 95%. This is why the Jacksonville rental market is best for investors looking to grow their portfolios and keep them for the long term.
Jacksonville’s Booming Economy
Jacksonville is one of the country’s fastest-growing cities. It boasts numerous development projects that constantly boost the city’s economy. Jacksonville’s unemployment rate is only 4%, which is substantially lower than the national average.
This low unemployment rate is a good indicator that Jacksonville’s job market remains strong. Jacksonville’s healthy job market is one of the main drivers of Jacksonville’s population growth, as the city attracts plenty of workers from other states.
In addition, Jacksonville is home to a number of famous companies, including CSX Transportation, Firehouse Subs, and Stein Mart. Dun & Bradstreet also plans to move its headquarters to the city, which is expected to open around 500-plus new jobs.
Business Friendly Taxes
Florida is known for its favorable tax laws. The state doesn’t impose an income tax, which is why Jacksonville remains one of the top destinations among immigrants. This is also a reason many business owners want to invest in Jacksonville, which improves the city’s economy even more!
High Quality of Life
Jacksonville is one of the most attractive cities for young professionals. It’s also a favorite destination for single people who want to start a career. Since Jacksonville is a coastal city, its beaches are among the best amenities residents and visitors enjoy.
Additionally, this city offers various recreational activities to keep its residents entertained. Being close to the beach and offering varied natural views makes the quality of life in Jacksonville understandably high!
Things to Consider When Investing in Jacksonville FL
It’s worth noting that while the Jacksonville real estate market offers a good potential for a lucrative investment, not all neighborhoods in Jacksonville are optimal for rental investing. To be a successful Jacksonville rental property owner, you must know what to look for when choosing a local area to invest in.
Before buying an investment property in a specific Jacksonville neighborhood, make sure to consider the following factors:
Jacksonville is a generally safe city with many great neighborhoods. However, some neighborhoods may not be as safe as others. Before buying a rental property, make sure to check the safety of the neighborhood. Avoid areas that are isolated and abandoned. Also, check the crime rates in the area.
Among the best amenities to look for in a neighborhood is access to public transportation and essential businesses like dining, supermarkets, banks, hospitals, and schools. Neighborhoods that offer recreational facilities are a plus.
Demand for Rentals
To maximize your income, make sure you’re buying a rental property in an area with a high demand for rentals. You can do this by checking the rental comps within the area and verifying occupancy rates. This will give you an idea of whether renters are looking for homes in this area. It will also tell you whether investing in that area is a good idea.
Rental properties in Jacksonville are an excellent investment! However, there are many factors to consider before buying an investment property. To maximize your ROI and reduce your stress, reach out to the experts at Nest Finders Property Management. As your property management partner, we can help you, and your investment succeed!
Reach out to us today for more information on our comprehensive services!