When you are investing in a Jacksonville, FL property, it’s important to seek the help of professionals who have experience with investment properties. Look for a real estate agent who can help you negotiate a purchase and then turn to a property manager for help in estimating what kind of rent you’ll be able to bring in and how much of a return you can expect on your investment. Each neighborhood in northeastern Florida has its own market nuances, and you want to understand what kind of tenants your rental property will attract.
Single Family Residences
Jacksonville’s market is predominately made up of single family homes. You won’t find many rental properties that are multi-family housing. Most tenants are looking for a rental home that has three bedrooms and two bathrooms, or even four bedrooms and three bathrooms. Several Jacksonville communities offer great values for investors. With the market continuing to improve, you’ll be pleased with the capital rate you achieve.
Experienced investors have been looking for short sale properties or homes owned by banks and real estate companies. The inventory isn’t as strong for these types of investments as it once was, but there are still some properties like this to be found. These homes are ideal for people who don’t want to spend a lot of time rehabbing or upgrading the home because most of them are move in ready.
Rental rates are increasing in Jacksonville. We have seen them climb at a rate of about three percent each year, and that’s due to our strong rental market. There has been an increase in the number of people who are looking for homes to rent, so that has created a lot of demand for great housing. If you’re an investor with an outstanding property on the market, your chances are high of getting an outstanding tenant interested in renting it.
Some of the best areas to buy an investment home right now include northern St. John’s County and any of the communities in southside Jacksonville. Other good options include Argyle on the western side of the region and Oakleaf in Clay County.
Contact Collins Realty Services and Property Management if you are interested in purchasing an investment property in Jacksonville.