Jacksonville Multifamily Report – April 2025
A wall of deliveries has brought some short-term pain.
Jacksonville average advertised asking rents were flat on a trailing three-month basis as of February, on par with the nation. Yet, the increase in new deliveries over the past two years took its toll. Advertised asking rents dropped 1.7 percent in Jacksonville year-over-year, while the national average saw a 1.2 percent increase. Occupancy also declined, down 40 basis points year-over-year, to 92.1 percent in February, while the national rate was unchanged at 94.5 percent.
Jacksonville closed last year with unemployment at 3.1 percent, according to Bureau of Labor Statistics data. The figure was 30 basis points lower than the state average and 100 basis points below the national figure. The metro gained 11,600 net jobs in the past year, aided chiefly by the education and health services sector. One of the ways the local government is helping the sector is by donating approximately 22 acres of land for the University of Florida to build a new campus. The site would also become the
home of the Florida Semiconductor Institute.
Jacksonville added 7,679 units to its existing inventory last year, registering the highest influx of new supply in at least a decade. Construction is powering through, with more than 11,000 apartments under construction as of February. Meanwhile, investment saw an uptick, at least when compared to 2023, with transactions totaling $709 million last year.
