Commercial Real Estate, Capital, Insurance, Leasing & Management

Jacksonville Business Journal: Jacksonville’s multifamily market ‘remains extremely strong’ in Q3

Published By: 

Franklin Street’s Steven McAdoo, Senior Director of Multifamily Investment Sales, recently chatted with Jacksonville Business Journal about Franklin Street’s latest report on Jacksonville Multifamily market and what’s ahead for the coming months.

See highlights from the article below:

Fundamentals remain extremely strong across all segments of multifamily assets in Jacksonville during Q3, according to a new report from commercial real estate brokerage Franklin Street.

The Jacksonville vacancy for multifamily properties has made a correction since hitting historic lows in late 2021. With the delivery of new supply, the vacancy rates have risen back to normal levels. The average vacancy is now sitting at 7.4%, up from 5% in Q2 of 2021, according to the report.

“Multifamily in Jacksonville remains under supplied, especially for market rate affordable housing,” said Steven McAdoo, Franklin Street’s director of multifamily investment sales. “Paired with persistent, unmet demand, this is creating significant opportunity for rent growth in our market.”

Jacksonville will stay in the top 10 markets for annual rent growth, and Franklin Street predicts growth will continue but at a slower rate than in the past.

“The strong demand is also spurring a tremendous amount of new development, with approximately 10% of the market’s inventory currently under construction,” McAdoo said. “While all of this new supply may temporarily impact vacancy rates, we expect new inventory to be quickly absorbed as our market continues to see robust population growth. Jacksonville was able to easily absorb inventory expansion of approximately 20% over the past five years.”

Read the full article from Jacksonville Business Journal.

let's Connect

drop us a line

Privacy Overview
Franklin Street

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.