Nearly half of the multi-unit apartments in Jacksonville are offering incentives to rent, Zillow says.
Published on August 13, 2024 at 3:54 pm
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Nearly half of the landlords in Jacksonville are offering concessions to renters, one of the highest rates in the country, a new study shows.
Some 45.6% of multi-unit properties in Jacksonville offered concessions in July as the rental market became more competitive, the Zillow real estate service reported Tuesday. The rate compared with 27.8% a year ago.
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Zillow said concessions like free weeks of rent or free parking are growing across the country as more rental properties are built. More multifamily units were completed in June than in any month in nearly 50 years, Zillow said.
A third of rental listings nationwide offered concessions in July, Zillow reported. Jacksonville had the 13-highest rate among 51 cities.
“Builders have stepped up and built an incredible number of homes in response to soaring rents during the pandemic, and renters are now seeing the benefits,” said Zillow Chief Economist Skylar Olsen. “Rents are still growing, but it’s a far cry from the steep rent hikes of two or three years ago."
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Randy comes to Jacksonville from the South Florida Sun-Sentinel, where as metro editor, he led investigative coverage of the Parkland school shooting that won the 2019 Pulitzer Prize for public service. He has spent more than 40 years in reporting and editing positions in Illinois, Iowa, Missouri, Ohio and Florida.
