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Market Report

Jacksonville Multifamily Market Report

2025 Investment Forecast

Employment Anchors Aid Steady Population Growth;
Existing Rentals Benefit From Construction Slowdown

More skilled trade workers help improve demand for newer units. Jacksonville’s pace of employment growth is projected to rank near the top nationally this year, as Florida’s busiest container port by volume and the Naval Station Mayport support jobs in logistics, aviation and other fields. Both Boeing and DHL are expanding in the market, with the latter planning to open a new distribution center on the Northside, which will represent the epicenter of local multifamily deliveries this year. These new rentals should largely be well received, however, as the submarket noted a significant reduction in its Class A vacancy rate last year. While overall completions will decline in 2025, the market is still reacting to three prior years of rapid supply growth, when local apartment stock grew by more than 21,000 units. The most competitive submarkets may continue to see rents fall, albeit at a slower pace than prior years.
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