Report: Jacksonville Sees Record Multifamily Housing Construction
Whether it’s in Brooklyn, San Marco, the Southside or LaVilla, new apartment complexes are going up seemingly everywhere you look.
Multifamily construction starts are at an all-time high, with roughly 2,500 new units begun since June, according to Colliers International’s 2018 year-end report.
This year looks to be even busier. Colliers predicts another record will be set in 2019, with nearly 7,000 units under construction.
The area had 77,956 multifamily units in December, the report said, but a tight vacancy rate of 3.8 percent and an annual rent growth of 4.3 percent.
Jacksonville ranks in the top five nationally in both rent growth and the percentage of inventory, according to Colliers International, which looked at metro areas with a population of at least 1 million.
Colliers International found the Baymeadows and Southeast areas of Jacksonville were the most active development areas.