Jacksonville Multifamily Report – Spring 2021
The metro recorded a cycle high for transactions last year, and rents continued to grow through the first quarter.
As the U.S. lays the groundwork for recovery, the Northeast Florida Regional Council established the Northeast Florida Economic Resilience Taskforce to support the region’s economic rebound, contingent on federal financial assistance and a fast-tracked vaccine rollout. The metro’s rental market has endured, with consistent rent expansion through 2020—as of February, rents were up 0.1 percent on a trailing three-month basis to $1,168, below the $1,399 U.S. average.
As of January, unemployment stood at 4.8 percent in Florida and 4.4 percent in metro Jacksonville, both below the 6.3 percent January national rate. Both the Florida and Jacksonville figures marked improvements from December, from 5.1 percent and 4.8 percent, respectively. Last year, the metro lost a combined 25,700 jobs. The $1.9 trillion American Rescue Plan will bring an estimated $17 billion to Florida. The bill includes an additional $300 per week in unemployment benefits, which Floridians began receiving from the week of March 22.
Jacksonville had 6,265 units under construction as of February, with 94 percent of those targeting high-income earners. The largest share—77 percent —of the development pipeline is expected to come online this year. Meanwhile, some $1.6 billion in assets traded in 2020, marking a 24.2 percent uptick compared to 2019, as well as a cycle peak over the past decade.