Jackson has nation's fastest-rising housing rent (Meridian, Oxford: real estate, 2015, apartment)

[golden eagles fan]

According to Zillow, we do. It is hard to believe.

Fastest rising rents in US? Jackson, Mississippi - Mississippi Business Journal

[sammyreynolds1977]

The gentrifying has started.

[Neshomamench]

Originally Posted by sammyreynolds1977

The gentrifying has started.

No its not.

No one wants to build in Jackson, that is one problem. The second problem is Jackson also has a statistically high rate of home ownership. That is one reason rents rise/are rising in Jackson. Another reason are the high rents charged in Northeast Jackson. Every year a new batch of folks come to town, among them you will find Doctors starting their residencies or the like. They almost all rent in that area and move out as fast as they can once they figure things out. That kind of market (piles of fresh doctors or other professional who are bouncing into Jackson for a few years) keeps rents in that area high and going higher.

There are plenty of other reasons as well.

[zblanton1]

Originally Posted by Neshomamench

No its not.

No one wants to build in Jackson, that is one problem. The second problem is Jackson also has a statistically high rate of home ownership. That is one reason rents rise/are rising in Jackson. Another reason are the high rents charged in Northeast Jackson. Every year a new batch of folks come to town, among them you will find Doctors starting their residencies or the like. They almost all rent in that area and move out as fast as they can once they figure things out. That kind of market (piles of fresh doctors or other professional who are bouncing into Jackson for a few years) keeps rents in that area high and going higher.

There are plenty of other reasons as well.

Is that why there more & more people moving to downtown, more people are attending UMMC, so UMMC is continual expanding and encroaching onto the property of the worn Veterans Memorial Stadium?

Just to name a few developments & residential developments as well:

The District at Eastover
The Meridian at Fondren
Capitol & West
Capitol City Art Lofts
Apartment development at the historic Walthall Hotel
Possible apartment development at the Landmark Center
Taylor Court, Oxford Court, & Downing Court in Fondren

And, when's the last time you saw someone build a brand new home in an old 1950s/1960s neighborhood? All of that area has been developed! No wants to build in Jackson, because there's no need & no room for newer houses in Jackson!

Same old song & dance with you Jackson haters, and I'm sure my proof of building in Jackson won't be good enough to satisfy your anti-Jackson hunger.

[Neshomamench]

Originally Posted by zblanton1

Is that why there more & more people moving to downtown, more people are attending UMMC, so UMMC is continual expanding and encroaching onto the property of the worn Veterans Memorial Stadium?

Just to name a few developments & residential developments as well:

The District at Eastover
The Meridian at Fondren
Capitol & West
Capitol City Art Lofts
Apartment development at the historic Walthall Hotel
Possible apartment development at the Landmark Center
Taylor Court, Oxford Court, & Downing Court in Fondren

And, when's the last time you saw someone build a brand new home in an old 1950s/1960s neighborhood? All of that area has been developed! No wants to build in Jackson, because there's no need & no room for newer houses in Jackson!

Same old song & dance with you Jackson haters, and I'm sure my proof of building in Jackson won't be good enough to satisfy your anti-Jackson hunger.

Of course you can find some construction. There are 170,000 people. There is going to be construction, but the population still shrinks and the rate of blight is probably greater than the rate of new home construction.

As for you "new homes in 1950/60..." That is EXACTLY what many other cities are doing, as fast as they can. You obviously have not seen what stable to strong economies actually produce. People of means and young professional are moving back into cities. In the Eastover (and nearby) type areas in other cities, They are tearing down house and building much larger homes that have much higher taxes. In general, it is not happening in Jackson.

Even in the Fondren area, which is doing fairly well, it isnt as healthy as people think. It isnt enough that people are living there and some are moving there. In a real healthy market, people are investing in tearing down houses and building much larger homes and pushing that wealth further and further into transitional areas.

It has nothing to do with hating anything. It simply is what it is.

As for UMMC, they are anchored. Because they cant move, they have to work with what they have. It is one of the saving graces in Jackson, and it is by default. It should also be known that most of those new doctors leave as soon as they can. Of the 130ish medical schools in the country, UMMC is one of the top 5 most inbred programs (school and residency). What that means is they take more of their own....because they have to. People dont want to come here and Mississippi loses real medical talent because of it. It is not healthy for a medical community. People who dont understand this issue might not get what stuff like this means. It is not a good thing.

[zblanton1]

Originally Posted by Neshomamench

As for you "new homes in 1950/60..." That is EXACTLY what many other cities are doing, as fast as they can. You obviously have not seen what stable to strong economies actually produce. People of means and young professional are moving back into cities. In the Eastover (and nearby) type areas in other cities, They are tearing down house and building much larger homes that have much higher taxes. In general, it is not happening in Jackson.

Even in the Fondren area, which is doing fairly well, it isnt as healthy as people think. It isnt enough that people are living there and some are moving there. In a real healthy market, people are investing in tearing down houses and building much larger homes and pushing that wealth further and further into transitional areas.

Part of the reason people aren't tearing their homes in places like Fondren & Belhaven, is mainly because there is a large percentage of people that like rehabbing old/vintage/historic homes and living in them! In fact, I read an article not too long ago about a couple that moved to Belhaven so that they could live in an historic, old home.

[Neshomamench]

Originally Posted by zblanton1

Part of the reason people aren't tearing their homes in places like Fondren & Belhaven, is mainly because there is a large percentage of people that like rehabbing old/vintage/historic homes and living in them! In fact, I read an article not too long ago about a couple that moved to Belhaven so that they could live in an historic, old home.

That is meaningless when the metric is value. If the value of the real estate is high enough, the market will price those people out of it.

It is also absurd to say "a large number of people" and then use a single data point to back that up.

It simply is not happening in Jackson. I understand people love Jackson and will defend it any way they can but that does not mean they are actually correct.

[dwashington]

Originally Posted by zblanton1

Part of the reason people aren't tearing their homes in places like Fondren & Belhaven, is mainly because there is a large percentage of people that like rehabbing old/vintage/historic homes and living in them! In fact, I read an article not too long ago about a couple that moved to Belhaven so that they could live in an historic, old home.

Here we go again.

[madison2013]

Originally Posted by zblanton1

Is that why there more & more people moving to downtown

lol

[zblanton1]

Originally Posted by madison2013

lol

You can lol all you want, but you can't deny it.