More than 9,600 homes across Duval County are owned by large, institutional investors — companies that have more than 1,000 homes nationwide in their portfolios, according to an analysis by the News4Jax I-Team.

Giant investment companies are buying single-family homes as rental properties, the report said. The trend is being blamed for contributing to rent hikes, leaving first-time homebuyers with fewer options and worsening Jacksonville’s affordable housing issues.

House prices and rents in Jacksonville have gone up nearly 50% since 2018, driven by people moving to Florida, a period of low interest rates and institutional investors.

Read the rest of this story at News4Jax, a Jacksonville Today news partner.