{"id":71,"date":"2020-11-17T11:59:04","date_gmt":"2020-11-17T11:59:04","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=71"},"modified":"2023-03-10T08:15:53","modified_gmt":"2023-03-10T08:15:53","slug":"jacksonville-real-estate-market-trends-fall-2020","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/jacksonville-real-estate-market-trends-fall-2020\/","title":{"rendered":"Jacksonville Real Estate Market Trends &#8211; Fall 2020"},"content":{"rendered":"<h2>Rent Gains Boost Jacksonville\u2019s Recovery<\/h2>\n<p>Months into economic volatility, Jacksonville\u2019s multifamily sector showcased resilience in the face of ongoing challenges. Rents felt the initial shock of the pandemic, but July and August proved<br \/>\nstrong for the metro\u2019s rental market, as rates began to improve. As of September, the average price was up 0.8% to $1,140 on a trailing three-month basis, bucking nationwide trends. Meanwhile,<br \/>\nthe average U.S. rate was up only 0.1% to $1,463.<\/p>\n<p>Mirroring national currents, COVID-19 has taken a toll on the metro\u2019s hospitality sector, which was down 11,900 jobs in the 12 months ending in July. However, reopening efforts boosted the<br \/>\nlocal labor force as well as hotel occupancy levels, which were close to 55% as of October, according to the CEO of Visit Jacksonville. Meanwhile, Amazon plans to add 500 jobs through its $106 million Imeson Park fulfillment center\u2014slated to open in 2021\u2014further underpinning the metro\u2019s path to recovery.<\/p>\n<p>As of September, 5,027 units were under construction in the metro. While development was deemed essential during safer-at-home orders, developers added only 1,950 units to inventory in the first three quarters of 2020. Transaction activity was down, as well, with only $533 million in multifamily assets trading in 2020 through September\u2014a 43% decline compared to the same interval last year.<\/p>\n<p><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1134-MatrixMultifamilyJacksonvilleReport-Fall2020?utm_source=Matrix-Blog&amp;utm_medium=Social\"><strong>Read the full Matrix Multifamily Jacksonville Report<\/strong><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rent Gains Boost Jacksonville\u2019s Recovery Months into economic volatility, Jacksonville\u2019s multifamily sector showcased resilience in the face of ongoing challenges. Rents felt the initial shock of the pandemic, but July and August proved strong for the metro\u2019s rental market, as rates began to improve. As of September, the average price was up 0.8% to $1,140 [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":184,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[31,16],"class_list":["post-71","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-jacksonville","tag-multifamily-outlook"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Jacksonville Real Estate Market Trends - Fall 2020 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Months into economic volatility, Jacksonville\u2019s multifamily sector showcased resilience in the face of ongoing challenges.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/jacksonville-real-estate-market-trends-fall-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jacksonville Real Estate Market Trends - Fall 2020\" \/>\n<meta property=\"og:description\" content=\"Months into economic volatility, Jacksonville\u2019s multifamily sector showcased resilience in the face of ongoing challenges.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/jacksonville-real-estate-market-trends-fall-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-17T11:59:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-10T08:15:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Jacksonville-iStock-1175044860.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Timea-Erika Papp\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Jacksonville Real Estate Market Trends - Fall 2020 - Yardi Matrix Blog","description":"Months into economic volatility, Jacksonville\u2019s multifamily sector showcased resilience in the face of ongoing challenges.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/jacksonville-real-estate-market-trends-fall-2020\/","og_locale":"en_US","og_type":"article","og_title":"Jacksonville Real Estate Market Trends - Fall 2020","og_description":"Months into economic volatility, Jacksonville\u2019s multifamily sector showcased resilience in the face of ongoing challenges.","og_url":"https:\/\/www.yardimatrix.com\/blog\/jacksonville-real-estate-market-trends-fall-2020\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2020-11-17T11:59:04+00:00","article_modified_time":"2023-03-10T08:15:53+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Jacksonville-iStock-1175044860.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Timea-Erika Papp","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/jacksonville-real-estate-market-trends-fall-2020\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/jacksonville-real-estate-market-trends-fall-2020\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Jacksonville Real Estate Market Trends &#8211; 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