Also known as Northeast Florida, the Jacksonville region features 85 miles of coastline along the Atlantic Ocean. Jacksonville benefits as well from Florida’s low-cost, pro-business environment that makes Florida one of the best states for business.
The major industries in Jacksonville that drive its 864,000+ workforce include:
The Jacksonville, FL MSA has a current population of 1,713,240, with Duval County accounting for over 60% of the population. St. Johns County (15.5% growth, 2020-23) and Nassau County (11.5% growth, 2020-23) are the 2 fastest-growing counties. Overall, the Jacksonville MSA has seen its population increase by 6.22% between 2020 and 2023.
The “Northeast Florida” region includes an additional 2 counties (Putnam & Flagler) totaling 207,394 in population.
The Jacksonville MSA has 624 apartments of over 50+ units, for a total of 134,675 units. According to CoStar, 8,400 units were delivered in the last 12 months, ranking Jacksonville 3rd in the nation for inventory growth as a percentage. While 5,800 units were absorbed during that same time period (6th in the U.S. for renter demand), Jacksonville vacancy still increased to 13.7%.
The Average Rent in Jacksonville is $1,482 (CoStar), while Average Expenses in Jacksonville are $7,969 per unit (TKC’s Expense Averager Tool). Real Estate Taxes ($2,032/unit) and Insurance ($1,039/unit) are typically the largest expenses incurred by Jacksonville multifamily owners.
The Southside and Arlington submarkets account for roughly 60% of the MSA’s apartment units, while the Saint Augustine ($1,755), Nassau County ($1,736), and Downtown Jacksonville ($1,648) submarkets fetch the highest Asking Rents:
Other Investments include:
Plant Agricultural Systems (Plant-AS) – $750 million / 600+ jobs
IKO Industries – $270 million investment
Saint-Gobain North America – $235 million investment
BAE Systems – $200 million investment
Danone North America – $65 million investment
Eric is originally from Memphis, TN and studied accounting at the University of Tennessee, Knoxville. He has been a Broker with The Kirkland Company since 2014 and loves the challenge of keeping up with an ever-changing industry and apartment market.
Brandon originally grew up in Knoxville, TN and attended the University of Tennessee, Knoxville where he studied Finance. He loves creating long-lasting relationships with owners and investors as well as the TKC internal team.
Originally from Homewood, AL, Ky attended Auburn University where he graduated with a BBA in Finance from the Harbert College of Business. Ky's favorite part of his role at TKC is providing value to his clients and the everyday hustle of the multifamily real estate industry. In his free time Ky enjoys competing in a variety of sports and spending time outdoors.
1. The Jacksonville, FL Metropolitan Statistical Area consists of 5 counties, according to Office of Management and Budget. Counties include: (1) Baker (2) Clay (3) Duval (4) Nassau (5) St. Johns
2. Primary Sources: (1) https://fred.stlouisfed.org/ (2) CoStar (3) www.bls.gov (4) https://jaxusa.org/
3. Sales Comps are from 08/2023 – 07/2024
4. Development Pipeline as of 7/24/24
5. This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy
