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.