In 2006 the City Of Jacksonville, the Jacksonville Regional Chamber Of Commerce and WorkSource embarked on Blueprint for Prosperity, a partnership to improve the Jacksonville community through concentrated efforts in six foundation areas: Economic Development, Quality Of Life, Racial Opportunity & Harmony, Infrastructure and Leadership. Plans like this one along with The Better Jacksonville Plan are examples why Jacksonville continues to be a vibrant city with numerous opportunities.
Jacksonville has numerous agencies structured to deal and attract new businesses. One leading government agency is known as the “JEDC” Jacksonville Economic Development Council. They are tasked with financial negotiations for companies seeking to relocate to Jacksonville.
JEDC taken over the Downtown development Authority’s role of redeveloping downtown. The JEDC is involved in the redevelopment of Cecil Field’s Commerce Center along with Hillwood Management.
Another agency is JAXPORT who also attract investment into the city especially the Marina. Currently JAXPORT’s annual economic impact to Jacksonville is 19 billion with 65,000 jobs. The St. Johns River deep water ports has made it attractive for International container shipping companies like Tokyo based Mitsui O.S.K. to invest in Jacksonville, they have invested $200 million in a new terminal. Hanjin a Korean based company has followed suit with its $208 million dollar terminal.
According to JAXPORT these two companies have created an additional 70,000 jobs. Another huge industry under the JAXPORT’s governance is the North American cruise lines, Jacksonville is now seen a major competitor to Miami.
The Rental Market
All of these factors creates a very strong rental market, the sheer volume of workforce housing is perfect for the buy to let investor. Jacksonville has become more of a blue-collar orientated society with aviation and shipping labor. Jacksonville Florida has one of the most healthy rental markets in the entire USA. In Jacksonville, a typical $100,000 home will rent for 20.31% more than the national average. In addition, the median home price is 23.75% less than the national median home price at $153,400; the national average is $201,193. If you compare home prices and rent prices in Jacksonville to the nation, the home price is 23% less, and rents are only 9% less than the national average. This is what presents a unique cash flow opportunity.Jacksonville market has turned into a very hot market for renters, Jacksonville, the 48th largest market survey area is projected to have a rental rate increase of 4.3 percent in the next year.
Jacksonville is the largest city by population in the U.S. state of Florida, the 12th most populous city in the United States and the largest city by area in the contiguous United States. Jacksonville is the principal city in the Jacksonville metropolitan area, with a population of 1.4 million.
Growth and Returns
Apart from private investments the US government are also making huge investments into Jacksonville, the navy is investing $239 million dollars and $350 million thereafter. This large scale investment has brought thousands and thousands of military personnel along with their families infusing large amounts of capital to the local economy. With all these new opportunities come infrastructure improvements, the Florida Department of Transportation opened a new $48 million dollar flyover ramp in the northern part of Jacksonville.
Management and Aftercare
In Jacksonville we work with one, reliable and consistent partner who is local to the area and has been a hands-on expert in the local market for over 10 years. Our partner is one of the leading Jacksonville management companies who will collect and deposit your rent, maintain and repair the property, assess and interview tenants and keep you updated on a regular basis.