Affordability Helps Jax Rank # 1 among US Cities for ‘Digital Nomads’

In what some are calling the Great Reshuffle, digital nomads often relocate, keeping family and professional ties online as they search for new adventures for months in unfamiliar destinations.

Sometimes, but not always, they test the waters for a future permanent move, according to a new Zillow study.

This has been confirmed by the talent provider MBO Partners ‘COVID-19 and the Rise of the Digital Nomad’ 2020 Report, which shows that the number of digital nomads across the country jumped 49% to 10.9 million between 2019 and last year.

And, indicating increasing mobility of the workforce in general, a new survey by ApartmentList.com reveals that 40% of American workers expect remote working flexibility opportunities after the pandemic subsides, and 42% of remote workers plan to move in the next one. year, compared to 26 percent of on-site workers.

After:West Virginia lures remote workers with cash and free access to outdoor activities

In their report, Zillow and Yelp have teamed up to analyze their respective data sets and create a new “Digital Nomad Index,” which ranks America’s best subways using lifestyle-friendly criteria and amenities. The rating took into account factors from Zillow such as affordable rental housing with leases of less than one year, as well as data from Yelp on nomadic interests such as vacation rentals, auto / RV repairs, nightlife, outdoor activities and more.

In the river town, “With the chance to work and play amid a plethora of wonderful outdoor panoramic views in all directions and year round weather that makes almost everyday a day at the beach. , Jacksonville could be one of the most popular destinations. for digital nomads, ”the researchers say in the report. “Jacksonville rental listings have increased 120% over the same period last year.”

Clay County will host the 290-acre, 770-home Granary Park development just north of Green Cove Springs, GreenPointe Developers LLC has announced.

Zillow Senior Economist Chris Glynn told The Build-out that despite an increase of 6.2% from the previous year, the typical Jacksonville subway rent of $ 960 was a big factor in its ranking.

“[It highlights] a trend we are seeing where subways at the intersection of relatively affordable housing and warmer weather have been most desirable since the onset of COVID-19, ”he said. “Remote and flexible working arrangements have made places like Jacksonville a realistic destination for households looking to spend a little less on housing costs and enjoy the outdoors year round. These factors also attract digital nomads… ”

Beyond affordability, our metropolitan area has performed well in consumer categories that nomads are keenly interested in – ranging from shared office spaces and furniture assembly to TV assembly, golf lessons. and brewery tours, according to the researchers.

The digital nomad trend may have implications for buyers and sellers, tenants and those working in real estate, according to Missi Howell, President of the Northeast Florida Real Estate Association.

“[Housing] demand is and has been there, driving up prices and dropping inventory for both buyers and tenants, ”she said. “It is not known how many of them are digital nomads, although this has likely created more demand for short and long term rentals than buying a house.”

Burr

Still, some digital nomads are affecting the demand for housing, especially for short-term rentals through services like Airbnb and VRBO, she noted. Others, however, provide their own accommodation through motorhomes and motorhomes, moving quickly in search of new experiences and cultures.

With housing demand high, “The challenge for realtors is to help so many buyers in our market get an offer successfully accepted,” Howell said. “Most buyers place offers in more than one home… before they finally get an offer accepted. The advantage for the real estate agent? If they did a good job, they won a customer for life. ”

For home buyers, increased competition from nomads can create new challenges.

“The increase in population has decreased our overall supply,” Howell said. “Digital nomads are less likely to buy, as they seek to have experiences while working remotely, which means they will move from place to place after a short time.”

In other news:

● Clay County will host the 290-acre, 770-home Granary Park development just north of Green Cove Springs, announced GreenPointe Developers LLC.

One- and two-story single-family homes, with two- and three-bedroom floor plans, will be offered on sites 40, 50 or 60 feet wide, according to a press release. Homes are expected to range from 1,800 square feet to over 3,000 square feet and start in the $ 200 range.

The new community will be west of US 17 and east of Ronnie Van Zant Memorial Park, Lake Asbury High School and Asbury Lake Development. Construction is expected to begin this year. Facilities for residents of the development along Sandridge Road in Feed Mill Road will include a clubhouse, fitness studio, oasis-style swimming pool, play park and dog park.

“Community residents will enjoy a variety of recreational amenities, homes featuring innovative floor plans and the latest designs, and a convenient location near the new First Coast Expressway,” said GreenPointe Regional President Developers, Liam O’Reilly, in the release. “We look forward to posting more information on community builders, host site availability, and pricing soon.”

For more information visitGranaryPark.com.

A render shows the style of the building JWB Real Estate Capital plans to construct in College Park, on the site of the Town & Country Mall, off the Arlington Freeway, at University Boulevard.

● Our rental market is now the third most popular among major US subways, behind El Paso and Phoenix but ahead of Tampa and Memphis, according to new data from apartment search website RENTCafe.com.

Faced with a 96% occupancy rate, strong growth in rental rates, and vacancies averaging just 32 days (compared to 39 nationwide), Jacksonville renters find themselves in a very dire situation. competitive, the study notes. The four-county area of ​​Duval, Clay, Nassau and St. Johns counties sees an average of 15 potential tenants competing for an apartment, compared to 11 nationwide.

RENTCafe researchers looked at Yardi Systems data for large multi-family properties in 125 rental markets in the U.S. A market competitiveness score ranked quarterly averages into four measures: occupancy rate, potential tenants per vacant unit, the average total number of vacant days and the annual trend in rents.

Of the 125 markets, which include mid-size metropolitan areas, Jacksonville ranked 27th in competitiveness (23rd when links are considered).

Florida’s highly competitive rental centers in Jacksonville and Tampa have been among the fastest growing in the country, along with River City the 15th fastest growing in the last decade (according to the US census).

“More Americans are getting vaccinated, employment is on the rise and hybrid work models are increasing, showing growth for the multi-family and commercial real estate sector,” said Doug Ressler, director of business intelligence at Yardi Matrix, in a press release. “The current climate increasingly indicates economic growth in 2021, offering significant and risk-free potential for the apartment market.”

● Austin Burr has been promoted to South Florida Regional Director for GreenPointe Developers LLC of Jacksonville.

In his new role, Burr manages GreenPointe Developers’ operations in South Florida, which include the development of the planned communities of Veranda and Wylder in Port St. Lucie, according to a press release. Based in Jupiter, he also pursues acquisitions in South Florida as he works to grow the business in the region.

Burr joined the company in 2018 as an Assistant Project Manager / Financial Analyst from South Florida, and prior to that he was a Senior Audit Partner at KPMG in Jacksonville.

Email real estate-related press releases, tips and updates to [email protected]


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