Market Highlights
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.
Jacksonville Economy
The major industries in Jacksonville that drive its 864,000+ workforce include:
- Advanced Manufacturing – Top brands include Johnson & Johnson Vision, Anheuser-Busch, BAE Systems, Baker Hughes, Medtronic, and Northrop Grumman
- Transportation and Logistics – Amazon, Wayfair, BMW North America, and TOTE Maritime headline this Jacksonville industry
- Financial Services – 55,000+ workforce led by FIS, Deutsche Bank, CIT, Florida Blue, and Black Knight
- Technology Services – 8,400+ IT graduates from local colleges and universities annually
- Life Sciences – One of only 3 Mayo clinics located in Jacksonville; 1 in 8 jobs is in the Healthcare industry
- Corporate Operations – Jacksonville is home to more Fortune 500 companies than any other city in Florida
Jacksonville Population
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.
Jacksonville, FL Multifamily Analysis
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:
