Jacksonville

Apartment rents in the Jacksonville market rose at a 16.0% annual rate during the first quarter of 2023 and have posted an average yearly gain of 10.4% over the past three years. While 20 units have been delivered over the past three years (a cumulative inventory expansion of 0.3%), more is needed. Vacancies in the metro were above the 10-year average as of the first quarter of 2023. They trended upward over the past four quarters. 

Employment in the metro was recently increasing at an annual rate of 2.3%, or a gain of about 1,200 jobs. While a positive result, this does represent the weakest rate of job creation in the past twelve months, which at one point was as high as 3.2%.