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.
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.