Jacksonville Multifamily Report – September 2024
Rents are recovering as the market absorbs the recent glut.
The recent supply expansion impacted rent gains, which stagnated again after briefly falling back into negative territory. Jacksonville average advertised asking rents were flat on a trailing three-month basis through July, at $1,502, while the U.S. figure rose by 0.3 percent, to $1,743. The average occupancy rate in stabilized properties fell by 20 basis points over the 12 months ending in June, to 92.5 percent.
According to the Bureau of Labor Statistics, the metro’s unemployment rate reached 3.0 percent in May, 30 basis points below January’s rate. The figure was 100 basis points below the U.S. rate of 4.0 percent and 30 basis points below the state average of 3.3 percent. Employment rose by 2.0 percent (16,400 jobs) in the 12 months ending in May, significantly above the national average of 1.3 percent. All but three sectors saw job growth, led by education and health services (5,800 jobs) and leisure and hospitality (3,500 jobs).
Developers delivered 3,989 units through July and had another 13,392 units under construction. All completions and more than 86 percent of the under-construction pipeline were Lifestyle units. Investment was near the same level as in 2023, with deals amounting to $452 million in the first seven months of the year. However, the price per unit saw an increase of 4.7 percent year-over-year.
