Rental inventory is rising, prices are shifting, and investor expectations are being tested in the Jacksonville rental market.
Rental activity across Jacksonville is undergoing a noticeable shift. Homeowners unable to sell are turning to rentals, pushing more properties onto the market and reshaping local demand. Inventory is rising, rent prices are adjusting, and some areas are feeling the impact more than others. If you’re wondering what this means for your property or investment plans, this market update offers valuable insights. Here’s everything you need to know:
Highest rental inventory recorded. There are currently 3,681 active rental listings in Jacksonville. In my tracking, which focuses on single-family homes and townhouses, that number is closer to 3,700. This is the highest rental inventory I’ve recorded since I began monitoring this data in 2023, when we were at about 2,800 listings. This increase in supply is reshaping market behavior, especially as demand begins to taper following a slowdown in migration to Florida.
Average rent across all property types in Jacksonville is currently $1,650. While that represents a $50 decrease from the previous month, it’s also $45 lower than this time last year. Zillow data also reflects this cooling trend, despite a modest $33 annual increase in rent prices across certain housing segments. In general, rental values are holding steady or declining, particularly in areas like Saint Johns County, where many recent buyers are now struggling to sell and turning to renting instead.
“The sweet spot for rental demand is based on affordability.”
Key market challenge. A key challenge in this market is aligning expectations with current rental demand. Many homeowners who purchased in the last two to three years are now unable to sell, adding to the rental supply. Larger homes—those 2,000 square feet or more—are especially affected. These homes are harder to rent because most tenants in Jacksonville are searching within a more affordable price range. Zillow data confirms that the majority of rental activity is concentrated in the $1,700 to $2,500 range. Homes priced around $3,000 are often sitting longer on the market, with an average days on market now at 48.
For those with a standard 3-bedroom, 2-bath home between 1,700 and 2,200 square feet, demand remains stable. However, it’s important to acknowledge that Jacksonville has experienced a surge in new apartment, condo, and single-family home construction. That increased housing supply, paired with softer inbound migration, is creating downward pressure on prices.
While I don’t expect to see a drastic 20% drop in rental values, I do believe a moderate correction of 5% to 10% over the next couple of years is likely. For some, this may be the time to evaluate whether holding on to an investment property still makes financial sense or whether it’s better to sell in a cooler market. If you need help reviewing your options, feel free to call me at 904-650-3890 or email me at Matty@PursuitRealEstate.com. I’m here to help.
