Asking Rents Improve, Development Slows
Jacksonville fundamentals made headway, yet remained mixed going into the second half of 2026. The average advertised asking rent was up 0.4% on a trailing three-month (T3) basis through July, to $1,523, and 20 basis points above the national rate, as reported in the U.S. multifamily report. This marked a peak for the market, with momentum at its best point in more than three years. The average occupancy in stabilized properties stood at 92.5% as of June, down 70 basis points over 12 months.
Job movement remained slow, marking a 0.5% downtick as of May, 40 basis points below the national rate. The metro lost 3,000 net jobs in the 12 months ending in May, but recorded some steady gains in education and health services, adding 3,500 jobs to the workforce. The area’s unemployment rate stood at 4.8% as of June, 60 basis points above the U.S. figure, according to preliminary data from the Bureau of Labor Statistics. Johnson & Johnson will be investing more than $1 billion in the metro through the expansion of its Vision operations. The project will include upgrades to its existing Southside manufacturing campus and a roughly 1 million-square-foot new distribution facility near Jacksonville International Airport.
Developers completed 1,083 units this year through July and had another 5,541 apartments under construction. Investment activity remained tepid, with only $205 million in sales, marking a 55% decrease compared to the same period of 2025.
Read the full Yardi Matrix Jacksonville Multifamily Market Report: September 2026
Add Comment