Following almost two years of unprecedented growth, the Jacksonville multifamily market began to cool down at the end of 2022<\/a><\/strong>, mirroring nationwide trends. On a trailing three-month basis through February, rents contracted 0.2%, to an average of $1,526, while the U.S. figure inched down 10 basis points, to $1,702. The occupancy rate in stabilized properties also slipped from its 96.3% peak in July 2021, to 93.9% in February, marking the lowest rate among large Florida metros.<\/p>\n