commercial landscaper and lawn maintenance

How Jacksonville Multifamily Builders Could Cash in on Rising Rents

Multifamily developers have another reason to partner with better commercial landscaping companies in West Jacksonville as rental prices in the apartment market continue to increase in the city. These commercial landscaping companies should have experience, manpower, and sufficient equipment to help multi developers make profits.

Rising Rents

An analysis shows that Jacksonville’s apartment market has bucked the trend of declining construction activity in the past year. For instance, there would be more than 2,500 units to be built in the Duval, Clay, Nassau, and Saint Johns counties in 2018. Builders completed a total of 1,710 in the previous year, and the increase only shows that builders are at work to meet the growing demand.

While there are more multifamily projects in the city, rental prices seem to have not fallen during the same time. A study notes that rents have increased by 6%, which bodes well for property developers if they know how to manage the growth.

Return on Investment

By doing some outdoor remodeling, there is a higher chance of uplifting the property’s value. The National Association of Realtors or NAR says that standard lawn care service allows a multifamily owner to recover nearly 270% of the project’s cost after reselling it.

Aside from a bigger population, the higher employment rate in the city indicates that people have looked for a new place. This means that more people will look for rental units, particularly in areas where jobs have increased the most. If you haven’t done any standard lawn care service, NAR says that simply installing an irrigation system would allow you to recover 86% of the project’s cost upon a resale.

Home builders in Jacksonville should consider an outdoor remodeling project not just to improve its resale value but also to entice more potential tenants. By enhancing its curb appeal, a multifamily developer gains a better impression from clients and improves the living conditions for residents.

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