Explore how the potential in Jacksonville makes a strong market for multifamily investors
The Florida multifamily market continues to be one of the strongest nationwide. Due to the opportunities posed, investors must remain aware of the trends in Florida’s leading markets, including Jacksonville, Central Florida, and Tampa.
Although new development and investment activity have mirrored national downward trends, the Jacksonville market has strong job growth prospects moving forward with several large projects under construction, especially along the waterfront. [1]
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 2023: $40M
- Total Properties Transacted in Q3 2023: 6
- *Average Price Per Unit: $137,500
- Total Volume Transacted in Q32022: $90M
- Total Properties Transacted in Q3 2022: 11
- *Average Price Per Unit: $156,000
- Population Growth: 6.1% (National Index: 3.8%)
- Job Growth: 3.5% (National Index: 3.0%)
- Rent Growth: -2.1% (National Index: 1.7%)
*Includes these Submarkets: Southside, Arlington, St Augustine, West Side, Orange Park, North Side, Beaches, Downtown Jacksonville, Central Jacksonville, Nassau County, Baker County
Why should investors look to the Jacksonville market?
“Jacksonville’s population growth is at an absolutely astonishing 6.1%, that’s five times the national average. Their job growth is at 3.5%, almost three times the national average,” explains Joe LaFleur, founder and multifamily brokerat 100Units.
“They are expecting rent growth to come back into normal rent growth mode into 2024. So we’ll be back up and what you would consider normal rent growth range. And you’ll see that across all of the markets that basically into 2024 we’ll be back between two and 4% rent growth, much more in line with historical averages,” details Joe.
Ready to invest in multifamily real estate in Jacksonville?
At 100Units, our team of expert Jacksonville multifamily brokers 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.
Get started by contacting us today!
Speak with one of our highly-qualified Jacksonville multifamily brokers 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 2023
2: All other facts and statistics are courtesy of CoStar.