Jacksonville Multifamily Market Report 1st Quarter 2022 - NAI Hallmark
Jacksonville Multifamily Market Report 1st Quarter 2022 - NAI Hallmark
Abstract
During Q1โ22, the overall price averaged $171K+ per unit, in-line with the Q4โ21 average, while cap rates continue to compress another 10 basis points. Effective rents, now averaging $1.48 per SF, increased 23.7% year-over-year during Q1'22, while vacancy levels remained below 3.0% during the same period. Demand will continue to outpace supply. As more people continue to migrate to the MSA. The Jacksonville MSA will continue. The MSA has been one of the most popular rental markets in the U.S. in recent years.
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