Jacksonville Multifamily Market Report

Completions may represent the last in a wave of elevated development. After vacancy reached a historic low of 2.8 percent in 2021, a group of projects were started to capture renter demand from corporate relocations and population gains. Now in 2024, multifamily fundamentals will be tested by these decisions. Specifically, the three submarkets that comprise Southside — Mandarin, Baymeadows and Upper Southside — will account for 40 percent of this year’s deliveries. Exiting 2023, a collective 3,800 units were underway here, equating to 8.4 percent of existing Southside stock. Elsewhere, projects are centered in St. Augustine and Central Jacksonville, providing some relief for other submarkets like Arlington and Westside, where vacancy is above the metrowide mean. While overall supply additions are elevated, a pullback in starts is likely amid rising local insurance costs. If this comes to fruition and population gains remain steady, most units delivered in 2024 should be absorbed over the near term.