Jacksonville Multifamily Market Report
Regional Affordability and Pandemic-Induced Migration Trends Stimulate Demand in Jacksonville
Leasing activity is widespread. Market conditions have never been tighter in Jacksonville. Recent migration trends to Sun Belt states spearheaded leasing activity in the metro, compressing availability to 2.6 percent entering the second quarter. This rise in demand has been widespread, with all 11 submarkets recording vacancy compression of at least 90 basis points and rent growth exceeding 17 percent over the past year ending in March. Jacksonville’s swift economic recovery also played a pivotal role in the recent demand surge, as total employment in the metro surpassed the pre-pandemic peak in August of last year. Moving forward, this momentum will likely be sustained as the market’s affordability relative to other major Florida metros continues to stimulate population growth. Jacksonville is expected to add over 80,000 new residents in the next five years.