Transcription
Back in 2005, Nashville, Austin, and Tampa home prices were below both Jacksonville and the US at that time. And here's the data to share with you. But Nashville in 2005, median home price was $146,900; for the US, it was $219,000; Jacksonville was actually $172,000 in 2005. So you would have never expected that Nashville would be this wonderful success story for those who own single-family rental properties around downtown. But guess what? Nashville's downtown came online; it started to attract talent, people living there, people moving there, jobs, companies came in. And look at Nashville's median home sales price now—it's $478,600. It went from 49% below the US average in 2005 to 16% above. Imagine if you owned a rental property portfolio in Nashville in 200—I imagine it all the time, Greg. There we go. There we go.
It's not the only one. You can look at Austin, Denver, and Tampa as well. Similar things have happened, and these cities had revitalized downtowns somewhere around the 2010s. Got it. So our ideas and what we know to be true is that Jacksonville's downtown today is just like Austin and Nashville was in the early 2010s. And within a matter of years, home prices, rents, median income skyrocketed there. And that's what will happen here in Jacksonville. We're connecting the dots long term. But like, why is right now such an important time to invest in single-family rental properties in Jacksonville?
And I think the best way to depict it is to show residents living downtown in some of these other cities. Because as soon as people start moving downtown, that starts this flywheel effect. Because when people start moving downtown, more bars, restaurants, grocery stores, amenities start to come to those downtowns, and then more talent wants to be there, and the jobs want to follow downtown, and you become this talent destination. So in Austin, 7,600 downtown residents was the start of rapid growth. This is the number of residents living downtown in Austin and in Jacksonville at different points in time. So in 2010, they had 7,635 residents living downtown. By 2024, their population—it doubled—it grew 101% from 2010 to 2024. Let's look at Nashville; that's another raving success story. And Nashville is a similar number: 7,200 residents was the jumping-off point for rapid growth in Nashville. That happened in 2013 in Nashville. And since reaching 7,200 residents in Nashville in 2013, just in 11 years, the population grew 174%. That we now have 20,000 people living in Nashville. This is the type of growth we expect to happen in downtown Jacksonville. So basically, we are mirroring the inflection point of both Austin and Nashville right now, exactly. So this is why this is such a special moment in time for you to be adding single-family rental properties.