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Market Report

Jacksonville Multifamily Market

3Q 2023

Normalized Rent Growth Reinforces Jacksonville’s
Cost Advantage Over Other Major Florida Metros

Local demand outperforming Sunshine State counterparts. Net absorption over the year ended in June was recorded at 3,230 units, topping every other major Florida metro during the span. This was, however, a downshift from 2021’s historic volumes, which motivated significant groundbreakings at the time. With much of that pipeline materializing in 2023 amid weaker household formation, vacancy has risen 250 basis points over the past 12 months, to 6.7 percent in June. While this climb has nearly flattened rent growth marketwide, greater stability in effective rents may actually help bolster multifamily demand longer-term. By the end of this year, Jacksonville’s average effective rent will be more than $300 per month below any other major Florida metro — the largest margin on record — likely motivating regional transplants to enter the local renter pool. 

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