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 Bay.
In Jacksonville, all employment sectors added jobs in 2021, with trade, transportation and utilities leading the way.  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 start of 2022 in the Central Florida multifamily market below
What’s the current state of the Jacksonville market?
As we recently closed out on the first quarter of 2022, our team of multifamily investment advisors compiled the most relevant and applicable facts on the current state of the Jacksonville market that multifamily investors should be aware of:
- Total 5-150 Unit Properties in the Market: 815
- Total Volume Transacted in Q1 2022: $57.3M
- Total Properties Transacted in Q1 2022: 19
- *Average Price Per Unit – $111,352
- Total Properties Transacted in Q1 2021: 21
- Total Properties Transacted in 2021: 75
- Population Growth: ↑ 1.11%
- Job Growth: ↑ 4.6%
- Rent Growth: ↑ 18.6%
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 at 75 transactions happening in 2021, which is 9.2% of all properties transacting in the market. While this number is slightly less than Central Florida’s 9.6%, it is still significantly higher than you would normally see with a historical average of 5-7% transaction velocity.
Why should investors look to the Jacksonville market?
In Jacksonville, the effective rent and asking rent are very close to one other with little concessions offered, but they are slightly lower than the national average of $1,586:
- Average asking rent: $1,447
- Average effective rent: $1,439
Joe LaFleur, multifamily investment advisor at 100Units explains, “The lower rents also equated to a lower price per unit for the average transaction in 2021 which was $111,000 per door. Both the average sale price and the average rent in Jacksonville are less than Central Florida.”
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.
Get started by contacting us today!
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.
1: Multi-housing News | Jacksonville Multifamily Report – April 2022
All other facts and statistics are courtesy of CoStar.