Predictable seasonal slowdowns, an influx of new inventory as well as lifestyle changes should keep rents somewhat stable through the rest of the year, according to a Franklin Street Multifamily Report.
In the third quarter, July-September, the Jacksonville market saw an increase of 2,216 units.
That eased the demand seen in the first part of 2022, said Steven McAdoo, director of multifamily investment sales.
Because of Jacksonville’s continued growth, it is expected the new units will be filled before adequate replacements can be built.
For those still in the market, a seasonal slowdown in people moving due to holiday expenses is resulting in a marked change in the Jacksonville market, McAdoo said.
While rents had been increasing at steep rates during the first two quarters, they now are stabilizing.
“We’ll start to see an increase in move-in specials and concessions being offered to fill up these units,” he said.