"Corporate invasion": A study reveals that due to lax tenant protection legislation, businesses are flocking to Florida and acquiring apartments

72% of multifamily structures, such as apartment buildings, are held by investment and real estate companies.

According to research conducted by the University of North Florida, corporations account for the bulk of eviction cases in the Jacksonville area, with Duval County being the state's epicenter of evictions.

According to a new study, Florida is among the most appealing jurisdictions for investors due to its lax tenant protection regulations.

On Tuesday morning, Lynett Mitchell went to the Jacksonville Housing Authority to ask for assistance.

Mitchell remarked, "What we're making is really not enough to cover my rent." "I needed to find another job."

The rent on her long-term residence is too much for her to afford. Therefore, she'll soon be facing an eviction threat. In the past few years, she claimed, her rent had increased by roughly $400.

Sadly, Mitchell's tale is not exceptional.

According to new research by the JAX Rental Housing Project, 72% of Duval County's multi-family properties, or apartment complexes, are owned by real estate and investment companies frequently located outside the state. This represents a "corporate invasion" of the county.

This contributes to an increase in rent and a high volume of eviction requests. It also makes people need assistance more frequently.

At the Jacksonville Area Legal Aid office, housing attorney James Tyer noted that his office has been full since before 2020.

Tyler reported that while there isn't much they can do, he has noticed a steady rise in the number of people in need of assistance with evictions.

"It appears that individuals' earnings haven't really kept up with the increasing rental costs in the city," he remarked. "And so, there's not really much that people can do when they fall behind on their rent because people can't afford rent a lot of the time."

Tenant rights in Florida were severely damaged by a preemption statute that took effect in 2023. 

Local laws pertaining to source-of-income ordinances and rent control are restricted by state law.

The Sunshine State is a great environment for landlords to operate since that local regulations controlling tenant-landlord interactions are illegal.

What then occurs when businesses operate apartment buildings with minimal state supervision and the intention of making a profit? Regular maintenance is frequently neglected.

"I believe that these bigger businesses frequently aim to increase the efficiency of their operations. And that essentially translates into cost reduction on a big scale," Tyler added. According to the UNF study, local media is the first resource that tenants in Jacksonville go to when their living conditions worsen.