Market Spotlight: Jacksonville, Florida
Updated: Oct 8, 2021
Arguably the most important factor to evaluate when selecting a real estate syndication investment is the local market of the target property. The age-old axiom of Location, Location, Location has stood the test of time for good reason. Investors should target markets with growing populations and employment opportunities which leads to higher rent prices. Combine this with business-friendly environments and a low relative cost of living and you have a winning formula.
The market we will be exploring today is Jacksonville, Florida.
Jacksonville is the largest city in Florida with a current population of close to a million which is a 13% increase since 2010
With over 840 square miles, Jacksonville has the largest city area in the continental US
Home to Florida’s youngest population that’s drawn to the city's historic neighborhoods, colorful street arts scene, and vibrant nightlife.
Florida is the 5th ranked business-friendly state in the US by Forbes
Massive investments are being made in Downtown Jacksonville which continues to draw tourists and businesses
Jacksonville is less than a five hour drive to other major cities such as Orlando, Tampa, Saint Petersburg, Atlanta and Miami
The Jacksonville International Airport has been named one of the 3 best airports for its size and the best in Florida
Key Real Estate Investment Drivers
Rents are growing at a rate of 4.1% per year over the last 5 years which is why Jacksonville has been named one of the best places to own rental properties
Future job growth over the next ten years is predicted to be 44.4%, which is higher than the US average of 33.5%
Jacksonville has been named a top 15 tech talent hotspot and the 12th best city to start a business
Average household income has increased 38% over the last 10 years which is combined with a lower than National average cost of living
Strong financial and business sector with top-tier firms such as JP Morgan Chase, Bank of America and Wells Fargo
Jacksonville is home to the headquarters of 4 Fortune 500 companies: CSX, Fidelity National Financial, Fidelity National Information Services and Southeastern Grocers
JAXPORT is one of the largest trade ports in the US with an annual economic impact of $27B and provides over 130,000 jobs
As we can see from the data, Jacksonville checks many of the boxes that real estate syndication investors are looking for in a local market. Finding the correct property and sponsor are still critical components of a successful no-hassle, hands-off investment, which is where our company can help.