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Jacksonville Sees Record High Occupancy As Construction Of Multifamily Homes Soar

VIA THE JACKSONVILLE DAILY RECORD
This rendering shows what the SoBa luxury apartments at 1444 Home St. will look like when construction is finished.

Some 8,200 new multifamily units are under construction in the Jacksonville metro area. Despite all the construction, Jacksonville’s vacancy rate is projected to remain below 5% through 2019. The occupancy rate is currently at a record high of 96.5%

That’s according to a new multifamily housing report out from Colliers International for the second quarter of 2019.

The news comes on the heels of Jacksonville's adding 18,100 new private-sector jobs over the past year, according to Gov. Ron DeSantis’ office.

The fastest growing area, in terms of current multifamily housing construction, is Baymeadows and the Southeast side of Jacksonville, according to Colliers International. Those areas account for nearly half of the units being built.

Jacksonville Submarket Comparison
Credit Colliers International

Average rents have risen 2.8% over the previous year, with the average monthly rent now up to $1,100.

Jacksonville’s urban core is seeing the highest average at $1.42 per square foot, followed by the Beaches at $1.34 per square foot.

Average rental rate per-square-foot comparison
Credit Colliers International

Bill joined WJCT News in September of 2017 from The Florida Times-Union, where he served in a variety of multimedia journalism positions.