5 Key Factors Influencing Rental Valuation in Jacksonville, FL

5 Key Factors Influencing Rental Valuation in Jacksonville, FL

For the first time in over three years, rental prices in Jacksonville are beginning to decline. While this is good news for renters it might leave more than a few landlords scratching their heads.

If you're in this category, you likely want to know why rental valuation in Jacksonville is so prone to fluctuations. The answer is that various factors influence the pricing of rental properties.

When these factors change, whether through development or real estate trends, rental valuation in the area can also change.

So what rental value factors could influence the price of your Jacksonville property? In this guide, we'll answer this question so you know exactly what to charge for your tenants.

1. Where It's Located

This is the cardinal rule of rental real estate for a reason. The better the location of your property, the more you can charge for it. So what makes a location desirable in a property assessment?

One thing is close distance to things like good public schools and downtown areas. In Jacksonville, distance to the beach is a big factor.

However, it also refers to neighborhood desirability. If your property is located in an up-and-coming neighborhood people will be willing to pay more for it.

2. Features

If your rental property has access to a backyard or a parking space, people will pay more. The same goes for updated kitchens and modern appliances. Some minor feature improvements can help maximize your income.

3. Jacksonville, FL Market Conditions

The real estate market can change every month, and Jacksonville is no different. Certain Jacksonville properties might be hot on the market one month, and cold the next.

If your property is in a neighborhood with poor market conditions, don't panic. In some cases, real estate trends could mean it will become popular in a few years. Still, we recommend reaching out to a professional for advice on real estate valuation. 

4. Size

Unfortunately, due to the housing crisis in this country there simply aren't enough rental homes in this country. As such, large rental homes are in high demand.

The more bedrooms and bathrooms your property has, the more you can charge for it. Or, you can section it off into different apartments to get multiple tenants.

5. Other Properties In the Area

Landlords often price their rental properties using similar properties in the Jacksonville area.

This can be a good jumping-off point for a rental market analysis. However, we encourage you to use the other factors on this list to calculate a more accurate figure.

Need Help With Rental Valuation? Contact Green River Property Management

We hope this guide helped you learn more about the factors that control rental valuation in Jacksonville, FL. Here at Green River Property Management, we know that finding the perfect rental price can feel like walking a thin line.

If you charge too much, you lose out on prospective tenants. But, too much and you won't get the most out of your investment.

That's why we use our fifteen years of experience in the Jacksonville area to help you land on the perfect rental property appraisal. So if you're ready for the property management help you need, get in touch with us today.

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