Report: Jacksonville-area multifamily market cools - Jacksonville Business Journal

  • 📰 JaxBizJournal
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 51%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Report: Jax-area multifamily market cools

Much like other sectors of the local real estate market, the Jacksonville-area multifamily market has moderated this year, according to a new report from Yardi Matrix.Rents were up 0.4% on a trailing three-month basis as of July, to $1,525, below the 1% U.S. rate. Still, that brought year-over-year growth to 13.5%, above the 12.6% national figure.

Yardi Matrix reported that a total of 1,590 apartments came online in the first seven months of the year on the First Coast, with an additional 9,365 units under construction as of July. The largest property to reach completion in the first seven months of the year was Vista Brooklyn, a 308-unit community in the San Jose submarket developed by Capital Square.

The price per unit clocked in at $138,737, close to the figure recorded during the same time frame in 2021 but substantially below the $216,893 U.S. average.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 599. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines