‘Flipping humans quickly’: I-TEAM investigates trend COJ report says is causing higher rent, fewer homes to buy
JACKSONVILLE, Fla. – A News4JAX I-TEAM analysis of Jacksonville property records found more than 9,600 homes across Duval County are owned by large, institutional investors, which are companies that have more than 1,000 homes nationwide in their portfolio.
Single-family homes are being bought up by giant investment companies as rental properties. The trend is being blamed for contributing to rent hikes, leaving first-time home buyers with fewer options, and worsening Jacksonville’s affordable housing issues.
A Jacksonville City Council committee pointed to this trend as one of the reasons for the city’s affordable housing issues.
House prices and rents in Jacksonville have gone up nearly 50% since 2018, driven by people moving to Florida, a period of low interest rates and institutional investors.
City Councilwoman Ju’Coby Pittman described the problem as “huge.”
Watch and read more on News4Jax.com
About Jacksonville Area Legal Aid
Jacksonville Area Legal Aid is a nonprofit law firm focused on delivering economic, social, and housing justice to low-income and at-risk individuals and families on the First Coast.
If you are an attorney wanting to volunteer with probate and heirs property issues, contact JALA Pro Bono Director Aaron Irving, at (904) 356-8371, Ext. 363, or Aaron.Irving@jaxlegalaid.org.
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