A national real estate analyst says the Jacksonville area is one of the most favorable parts of the United States for rental development in the year ahead.
Ron Witten, president of Witten Advisors in Dallas, lauded the area during a speech at a special session at the 2004 International Builders’ Show in Las Vegas recently. It was part of an in-depth analysis of the national and local rental markets at the IBS session.
“I base it on the strength of the marketplace,” said Witten in a telephone interview with Realty/Builder Connection. “The occupancy level is holding solidly in a recovering economy. The rental demend will grow.
“North Florida is not necessarily the national leader but I certainly expect it to continue a strong record of growth.”
He also cited Los Angeles and Miami in his “most favorable cities” list.
According to Witten, apartment starts have outpaced demand in most markets, but additional household formations should be able to absorb much of today’s ample supply of rental apartments.
Why Jacksonville? The coming Super Bowl?
“No, that doesn’t have anything to do with it,” he said. “It’s just the fundamental attractiveness of cost of doing business, the cost of housing and regulation or the lack thereof.”