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Market Report

Jacksonville Multifamily Market

3Q 2022

Economic Growth Provides a Solid Foundation for
Long-Term Rental Demand

Historically tight availability warrants standout supply growth. Apartment demand in Jacksonville soared to unprecedented levels throughout 2020 and 2021, fueled by some of the nation's strongest job and population growth rates. As a result, availability fell under 3 percent for the first time on record at the turn of the year, equating to 3,500 physically vacant units in a metro with over 1.5 million residents. Renter demand softened over the first half, however, as rapidly rising rents during this inflationary period slowed household formation. Additionally, the metro is in the middle of the largest supply wave in over two decades, with more than 3,000 units delivering in the first six months of this year. This influx of rentals lifted Class A availability by 150 basis points, however, the metro's overall vacancy rate remained more than 250 basis points below its long-term average at the onset of July.

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