The housing market in US has been trying hard to recover after the housing bubble burst that shook the global economy. However, as per the housing market trend, lately the mortgage rate is at an all time low for 30-year fixed mortgage. The housing prices are also looking up and this can be attributed to two vital factors like improvement in the recruitment scenario and availability of many houses for sale. As of 2012, it was observed that price of rental homes in Jacksonville FL increased considerably. This is in sharp contrast to the scenario that existed in the year 2011. More and more people are shelling out cash on property as an investment and also hope to get good returns by renting out their houses.
It was observed that price of rental homes in Jacksonville FL escalated by 3% as compared to the period between 2010 and 2011. The demand for rental homes has risen too and is expected to rise further. The general trend is that households that are being able to pay off their mortgage are opting for renting options rather than investing in a property again. This holds true especially for the families that had to go through foreclosure. For them renting is perhaps the best bet.
One of the main reasons why individuals continue or prefer to stay on in the rental market is due to the slowdown in the borrowing and credit market that is triggered by foreclosures. However, this is also one of the reasons why investors are turning to the foreclosed properties, the incidence of which is very high in the states where foreclosure is high as in Florida. This is due to the fact that returns you can expect from a distressed property or a foreclosed property are usually high as compared to a property that already needs few repairs here and there.
Single rental homes are preferable
It has also been observed that single homes are even higher on the demand for rental properties. This is because most of the single family homes are located in strategic locations that include nearby schools, safer localities, and tenant leases that are for a longer duration. Moreover, most of the tenants prefer to have an independent unit where they can also enjoy a small private garden and other amenities.
Information on rental homes in Jacksonville FL - Price trends
Given below are details of the rental price trends in certain localities in Jacksonville FL along with the house specifications.
It was observed that price of rental homes in Jacksonville FL escalated by 3% as compared to the period between 2010 and 2011. The demand for rental homes has risen too and is expected to rise further. The general trend is that households that are being able to pay off their mortgage are opting for renting options rather than investing in a property again. This holds true especially for the families that had to go through foreclosure. For them renting is perhaps the best bet.
One of the main reasons why individuals continue or prefer to stay on in the rental market is due to the slowdown in the borrowing and credit market that is triggered by foreclosures. However, this is also one of the reasons why investors are turning to the foreclosed properties, the incidence of which is very high in the states where foreclosure is high as in Florida. This is due to the fact that returns you can expect from a distressed property or a foreclosed property are usually high as compared to a property that already needs few repairs here and there.
Single rental homes are preferable
It has also been observed that single homes are even higher on the demand for rental properties. This is because most of the single family homes are located in strategic locations that include nearby schools, safer localities, and tenant leases that are for a longer duration. Moreover, most of the tenants prefer to have an independent unit where they can also enjoy a small private garden and other amenities.
Information on rental homes in Jacksonville FL - Price trends
Given below are details of the rental price trends in certain localities in Jacksonville FL along with the house specifications.
- 3781 Ringneck Dr Jacksonville FL, Rent of the house - USD$1850/month, 4 Beds, 2.5 Baths, 2,585 Sq ft
- 9832 Watershed Dr S Jacksonville FL, Rent of the house - USD$1,250/month, Beds-4, Baths- 2, Sqft - 2,222
- 13783 Devan Lee Dr E Jacksonville FL, Rent of the house - USD$1,425/month, 4 Beds, Baths 2, Sqft- 2,133
- 10405 Centerwood Ct, Jacksonville, FL, Rent of the house - USD$ 1,050/month, Beds - 4, Baths - 2, Sqft - 1,780
- 2365 Oak Springs Ct, Jacksonville FL, Rent of the house - USD$1,600/month, Beds - 3, Baths - 2, Sqft - 2, 379
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