Market Report
Jacksonville Multifamily Market Report
1Q 2026
Property Performance Varies by Class Cut
Amid Sustained Demographic Momentum
Corporate relocations and expanding population support apartment demand. Jacksonville’s population growth ranked among the top 10 major markets in 2025 for the third consecutive year, continuing to support apartment demand. This in-migration has been well timed, as the metro continues to navigate one of the nation’s fastest inventory expansions over the same period, with stock up roughly 15 percent. Corporate relocations such as Intercontinental Exchange’s planned mortgage-technology headquarters will continue to support demand for higher-end rentals — a segment that led rent growth in 2025. Although concession usage has eased since peaking in 2024 across Class A properties, it remains prevalent at Class B complexes. Meanwhile, the metro’s overall net absorption slightly lagged unit deliveries last year. This supply-demand dynamic, coupled with a cooling labor market, points to potential near-term softening. The longer-term outlook, however, is more favorable as the metro anticipates a sharp drop in ongoing construction activity following the third quarter of 2026.
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