Jacksonville Multifamily Report – September 2022
While slowing down, the First Coast market remains healthy.
Jacksonville rent evolution, click to enlarge
After a banner 2021, the Jacksonville multifamily market shifted down a gear, to more sustainable levels of expansion. Rents were up 0.4 percent on a trailing three-month basis as of July, to $1,525, below the 1.0 percent U.S. rate. Still, that brought year-over-year growth to 13.5 percent, above the 12.6 percent national figure. Meanwhile, occupancy dropped 110 basis points as of June, to 95.2 percent, demonstrating another sign of cooling growth.
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Jacksonville sales volume and number of properties sold, click to enlarge
Metro Jacksonville gained 25,900 jobs in the 12 months ending in May. That marked a 4.8 percent rise, 10 basis points above the national average. Professional and business services brought the most positions—13,700 jobs, for an 11.9 percent hike—again underpinning Florida’s status as a strong magnet for office-using employees. Unemployment reached 2.9 percent as of June, relatively in line with other metros in the state and below the 3.6 percent U.S. figure.
A total of 1,590 apartments came online in the first seven months of the year, with an additional 9,365 units under construction as of July. Yardi Matrix expects 3,788 units to come online through the end of 2022, which would mark the highest level of deliveries since 2019. Following a record $2.6 billion in multifamily deals last year, transaction volume reached $1 billion year-to-date through July. The price per unit clocked in at $138,737, close to the figure recorded during the same time frame in 2021 but substantially below the $216,893 U.S. average.
