{"id":7369,"date":"2023-10-13T08:18:00","date_gmt":"2023-10-13T08:18:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7369"},"modified":"2024-05-16T08:37:35","modified_gmt":"2024-05-16T08:37:35","slug":"september-2023-jacksonville-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/september-2023-jacksonville-multifamily-market-report\/","title":{"rendered":"Jacksonville Multifamily Market Report \u2013 September 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/jacksonville-multifamily-market-report\/\">Jacksonville Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>New Supply Softens Rents, Occupancy<\/h2>\n<p>Jacksonville\u2019s affordability is attractive to residents and businesses alike, compared to other major Florida markets, with the metro\u2019s fundamentals healthy amid murky economic waters. Development remained robust, and investment activity stayed above the national average. Still, the recent supply expansion dented rent growth, which again fell into negative territory, down 0.2% on a trailing three-month basis through July, while the U.S. rate rose 0.3%. Moreover, occupancy in stabilized properties declined by 160 basis points in the 12 months ending in June, to 93.0%.<\/p>\n<p><iframe id=\"datawrapper-chart-ptpj7\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Jacksonville vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/ptpj7\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>The metro\u2019s unemployment rate clocked in at 3.0% in June, 50 basis points above January\u2019s rate, according to data from the Bureau of Labor Statistics, outperforming the U.S. (3.6%), but trailing the state (2.6%). Employment maintained its steady performance, up 4.9%, or 31,800 jobs, in the 12 months ending in May, well above the 2.8% national average. All sectors added positions, led by leisure and hospitality (6,400 jobs) and professional and business services (6,000 jobs).<\/p>\n<p><iframe id=\"datawrapper-chart-JojDd\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Jacksonville Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/JojDd\/1\/\" height=\"417\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Developers delivered 2,546 units in 2023 through July and had an additional 14,631 units under construction. More than 90% of deliveries and the under-construction pipeline consisted of Lifestyle units. Investment tapered off, with deals totaling $413 million in the first seven months of 2023. However, the price per unit continued to rise, albeit marginally, up 1.5% year-over-year.<\/p>\n<p>Read the full <a href=\"\/publications\/download\/file\/4498-MatrixMultifamilyJacksonvilleReport-September2023\" rel=\"\"><strong>Matrix Multifamily Jacksonville Report-September 2023<\/strong><\/a><\/p>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Supply Softens Rents, Occupancy Jacksonville\u2019s affordability is attractive to residents and businesses alike, compared to other major Florida markets, with the metro\u2019s fundamentals healthy amid murky economic waters. Development remained robust, and investment activity stayed above the national average. Still, the recent supply expansion dented rent growth, which again fell into negative territory, down [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6530,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[31,475],"class_list":["post-7369","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-2023"],"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 Multifamily Market Report \u2013 September 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Jacksonville\u2019s rent returned to negative territory, down 0.2% on a T3 basis in July, after three months of slow growth, Yardi Matrix reports.\" \/>\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\/september-2023-jacksonville-multifamily-market-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jacksonville Multifamily Market Report \u2013 September 2023\" \/>\n<meta property=\"og:description\" content=\"Jacksonville\u2019s rent returned to negative territory, down 0.2% on a T3 basis in July, after three months of slow growth, Yardi Matrix reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/september-2023-jacksonville-multifamily-market-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-13T08:18:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-16T08:37:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/10\/Jacksonville-iStock-1330974157.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=\"Razvan Cimpean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anca Gagiuc\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Jacksonville Multifamily Market Report \u2013 September 2023 - Yardi Matrix Blog","description":"Jacksonville\u2019s rent returned to negative territory, down 0.2% on a T3 basis in July, after three months of slow growth, Yardi Matrix reports.","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\/september-2023-jacksonville-multifamily-market-report\/","og_locale":"en_US","og_type":"article","og_title":"Jacksonville Multifamily Market Report \u2013 September 2023","og_description":"Jacksonville\u2019s rent returned to negative territory, down 0.2% on a T3 basis in July, after three months of slow growth, Yardi Matrix reports.","og_url":"https:\/\/www.yardimatrix.com\/blog\/september-2023-jacksonville-multifamily-market-report\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2023-10-13T08:18:00+00:00","article_modified_time":"2024-05-16T08:37:35+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/10\/Jacksonville-iStock-1330974157.jpg","type":"image\/jpeg"}],"author":"Razvan Cimpean","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Anca Gagiuc","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/september-2023-jacksonville-multifamily-market-report\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/september-2023-jacksonville-multifamily-market-report\/"},"author":{"name":"Razvan Cimpean","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6"},"headline":"Jacksonville Multifamily Market Report \u2013 September 2023","datePublished":"2023-10-13T08:18:00+00:00","dateModified":"2024-05-16T08:37:35+00:00","mainEntityOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/september-2023-jacksonville-multifamily-market-report\/"},"wordCount":216,"commentCount":0,"publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/september-2023-jacksonville-multifamily-market-report\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/10\/Jacksonville-iStock-1330974157.jpg","keywords":["Jacksonville","Multifamily Outlook 2023"],"articleSection":["Metro Reports","Multifamily Market","Real Estate Trends"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.yardimatrix.com\/blog\/september-2023-jacksonville-multifamily-market-report\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.yardimatrix.com\/blog\/september-2023-jacksonville-multifamily-market-report\/","url":"https:\/\/www.yardimatrix.com\/blog\/september-2023-jacksonville-multifamily-market-report\/","name":"Jacksonville Multifamily Market Report \u2013 September 2023 - Yardi Matrix Blog","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/september-2023-jacksonville-multifamily-market-report\/#primaryimage"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/september-2023-jacksonville-multifamily-market-report\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/10\/Jacksonville-iStock-1330974157.jpg","datePublished":"2023-10-13T08:18:00+00:00","dateModified":"2024-05-16T08:37:35+00:00","description":"Jacksonville\u2019s rent returned to negative territory, down 0.2% on a T3 basis in July, after three months of slow growth, Yardi Matrix reports.","breadcrumb":{"@id":"https:\/\/www.yardimatrix.com\/blog\/september-2023-jacksonville-multifamily-market-report\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardimatrix.com\/blog\/september-2023-jacksonville-multifamily-market-report\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/september-2023-jacksonville-multifamily-market-report\/#primaryimage","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/10\/Jacksonville-iStock-1330974157.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/10\/Jacksonville-iStock-1330974157.jpg","width":1200,"height":628,"caption":"Photo by Art Wager\/iStockphoto.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardimatrix.com\/blog\/september-2023-jacksonville-multifamily-market-report\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardimatrix.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Jacksonville Multifamily Market Report \u2013 September 2023"}]},{"@type":"WebSite","@id":"https:\/\/www.yardimatrix.com\/blog\/#website","url":"https:\/\/www.yardimatrix.com\/blog\/","name":"Yardi Matrix Blog","description":"Stay current with the latest commercial real estate market trends and forecasts","publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.yardimatrix.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.yardimatrix.com\/blog\/#organization","name":"Yardi Matrix","url":"https:\/\/www.yardimatrix.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","width":200,"height":39,"caption":"Yardi Matrix"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/yardi-matrix\/","https:\/\/www.youtube.com\/channel\/UCRHgAZL4YoyeNEdiRN5uj0g"]},{"@type":"Person","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6","name":"Razvan Cimpean","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a2a826ff843b4f800ff5528644dc28dc336a20ec16082b6108ff5a5def333e6d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a2a826ff843b4f800ff5528644dc28dc336a20ec16082b6108ff5a5def333e6d?s=96&d=mm&r=g","caption":"Razvan Cimpean"},"url":""}]}},"jetpack_featured_media_url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/10\/Jacksonville-iStock-1330974157.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/7369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/users\/753"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/comments?post=7369"}],"version-history":[{"count":1,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/7369\/revisions"}],"predecessor-version":[{"id":7374,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/7369\/revisions\/7374"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/6530"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=7369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=7369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=7369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}