Sky-high rent increases coming back to earth

The crazy-high rent increases in Jacksonville may be coming to an end.

Rents in the metro area rose less last month than they did in most U.S. cities, according to a new report.

Five cities saw median rents decline, and Jacksonville was right behind them with an increase of only 0.2% since September 2021, the Redfin real estate service reported.

Forty-four of 50 cities recorded higher rent increases that Jacksonville, where the median asking price was $1,649 per month, Redfin said.

The ranking is based on asking rents at more than 20,000 apartment buildings across the country. The report reflects the current cost of new leases, not necessarily the rent that tenants are paying.

Article continues below

More from Jax Today

#AskJAXTDY | Will stalled Lomax restaurant be fined in Five Points?

Former Putnam teacher jailed over nude student photos

State flags license of accused Douglas Anderson teacher

Jacksonville Today thanks our sponsors. Become one.

Nationally, rent rose 8.8% over September 2021, the slowest growth since August 2021 and the first single-digit increase in a year, Redfin said.

"The rental market is coming back down to earth because high rents and economic uncertainty have put an end to the pandemic moving frenzy of 2020 and 2021, when remote work fueled an enormous surge in housing demand that would’ve otherwise been spread out over the coming years,” said Redfin Deputy Chief Economist Taylor Marr.

“Rising supply is also causing rent growth to slow. Scores of apartments that have been under construction are now coming on the market, and more homeowners are choosing to become landlords instead of selling in order to hold on to their record-low mortgage rates.”

Redfin expects rent growth to slow further into 2023 as Americans continue to hunker down and more new rentals hit the market.