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Florida transplants from California affect rental market - Jacksonville Business Journal

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Why more Californian transplants matter to the local rental market

based on data from the U.S. Census Bureau and the IRS for the 2019 and 2020 tax filing years shows the average adjusted gross income for incoming residents to Orange County: from Los Angeles County in California , Cook County in Illinois and Bronx County in New York .

“The demand has been crazy and it’s just going to increase even more,” Richardson said."That’s why we’re seeing so many luxury apartments going up." Of course, not all newcomers from California are renting apartments, but Richardson pointed out that even if those new Floridians are buying homes, their ability to outbid local buyers means more renters who normally would be ready to transition to home ownership are remaining in the renter pool.

 

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