Explore how impressive rent and job growth make Jacksonville a strong market for multifamily investors
The Florida multifamily market continues to grow and has become one of the strongest nationwide.
Due to the opportunities posed, it is critical that investors remain aware of the trends in Florida’s leading markets, including Jacksonville, Central Florida, and Tampa.
In Jacksonville, all employment sectors added jobs in 2021, with trade, transportation and utilities leading the way. [1] This high level of job growth is just one of the many reasons investors are looking to Jacksonville for their next investment purchase.
Continue reading as we highlight and discuss the essential statistics from the Jacksonville multifamily market below that we update every quarter:
What’s the current state of the Jacksonville market?
Our team of multifamily investment advisors compiles the most relevant and applicable facts on the current state of the Jacksonville market each quarter that multifamily investors should be aware of:
- Total 5-150 Unit Properties in the Market: 815
- Total Volume Transacted in Q3 2022: $60,440,000
- Total Properties Transacted in Q3 2022: 8
- *Average Price Per Unit: $137,363
- Total Properties Transacted in Q3 2021: 13
- Total Properties Transacted in 2021: 75
- Population Growth: ↑ 0.94%
- Job Growth: ↑ 4.3%
- Rent Growth: ↑ 4.5%
How does Jacksonville compare to the Central Florida market?
Jacksonville is a much smaller market for the multifamily space at only 815 properties. The transaction volume is also slightly less, but it is still significantly higher than you would normally see.
Why should investors look to the Jacksonville market?
“Both the average sale price and the average rent in Jacksonville are less than Central Florida, which is appealing for investors,” explains Joe LaFleur, multifamily investment advisor at 100Units.
Sean McKenna, 100Units multifamily investment advisor who focuses on the Jacksonville market, adds, “Orlando and the Space Coast blew up over the past few years, and I think Jacksonville will be that next hot market. If you get in right now, it’s going to be an extremely lucrative investment. We’re seeing prices go up like crazy, but it has not quite peaked like Orlando.”
Ready to invest in multifamily real estate in Florida?
At 100Units, our team of expert multifamily investment advisors can provide you with the insight and support you need to secure the best Jacksonville multifamily investment property for your money to match your unique real estate investment goals.
With our exclusive inventory of Florida multifamily properties for sale, we’ll provide you with the insight and support you need to secure the best multifamily investment property.
Once you’ve secured your property, our partnerships with reputable property management companies and other vendors can give you the comprehensive solutions and services you need to run your properties successfully.
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Speak with one of our highly-qualified investment advisors for support in your investment journey or browse our current selection of properties for sale in Florida.
Sources:
1: Multi-housing News | Jacksonville Multifamily Report – April 2022
All other facts and statistics are courtesy of CoStar.