So what is the state of the rental market in Jacksonville?
We had the fastest rise of interest rates in the last 40 years — and in real estate, of course, and especially in rental properties, that can have a dramatic effect. And prices have risen 15% to 20% for consecutive years here in Jacksonville, and so that really creates a challenge for affordability, which affects demand. But then on the other side, and what doesn't get talked about a lot, is you still have an under supply of housing here.
The answer to affordability is density. And so from a from a policy perspective, from a housing perspective, we can create ways to create more density that solves the affordability crisis. We have a tremendous amount of opportunity here in Jacksonville. We have a lot of land compared to other markets, so if we can work on ways to create more density, that's really the key to making sure that home prices stay affordable.
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