Renewal Rents Growing Faster than New Leases in Jacksonville

New lease trade-out is now trailing renewal price increases in Jacksonville, after a year and a half of an inverted trend. Before the COVID-19 pandemic hit, new lease rent growth in Jacksonville ran pretty close to renewal trade-out, with both hovering around 3% to 4%, according to data from RealPage Market Analytics. However, new lease trade-out started surging in the early months of 2021, topping out at over 26% in September 2021. In that same month, renewal rents were increasing 8.9%, still ahead of historical norms, but well behind new lease rent growth. After that, new lease price hikes started fading, and the trend inverted again in July 2022. As of September 2022, new units were trading for 10.9% more than the previous resident, right in line with the U.S. average. Meanwhile renewal units in Jacksonville are pricing 13.9% above previous rates, a pace well ahead of the U.S. norm of 10.9%.