A Bumpy Road From Boom to Balance
Jacksonville average advertised asking rents ticked up 0.1%, on a trailing three-month basis as of July, while the national figure saw a 0.2% increase, according to the latest Yardi Matrix Jacksonville multifamily market report. Still, the sustained wave of robust supply left its mark, with the market’s advertised asking rents sliding 1.0%, to $1,505, while the national average increased 0.7%, to $1,754. Yet, absorption remained healthy, and occupancy in stabilized properties rose a solid 60 basis points, to 93.2% as of June, below the 94.7% national average, as reported in the U.S. multifamily report.
Jacksonville gained 9,000 net jobs during the 12 months ending in May. The metro’s unemployment rate stood at 4.2% as of July, according to preliminary Bureau of Labor Statistics data. The figure was up 30 basis points over 12 months and on par with the U.S. average. The metro is undergoing a transformation beyond its significant multifamily pipeline. Ongoing developments include a $200 million project headed by Scott Lagasse Racing and Mosler Industries, which is slated to transform 443 acres in Putnam County into a motorsport destination.
Developers completed close to 4,000 units during the first seven months of the year. This came on the heels of two strong years, with deliveries totaling 14,360 units. The metro’s pipeline included another 9,349 units under construction as of July. Meanwhile, transactions totaled $361 million year-to-date through July, with the average price per unit at $160,699.
Read the full Yardi Matrix Jacksonville Multifamily Market Report: September 2025
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