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Jacksonville

2026 Q1 Multifamily Market Overview

 

In this report:

Also known as “Northeast Florida” and anchored by Florida’s largest city by land area, the Jacksonville MSA spans Baker, Clay, Duval, Nassau, and St. Johns counties and combines coastal livability with a diversified, logistics-forward economy. The MSA’s population is 1,760,548, with Duval County as the primary population and employment hub.

Jacksonville’s economy is supported by healthcare, financial services, logistics/transportation, and advanced manufacturing, with major employers ranging from Amazon’s regional footprint to large health systems and corporate headquarters such as Florida Blue, CSX, and JEA.

Quality-of-life drivers include 80+ miles of nearby Atlantic coastline, strong retail nodes (notably St. Johns Town Center), and major sports and tourism assets, factors that continue to support in-migration and renter demand across core and suburban submarkets.

 

 

 

Jacksonville Economy

Jacksonville’s labor market remained resilient into late 2025, supported by outsized trade/transportation/utilities, healthcare, and corporate operations employment. The MSA posted a 4.6% unemployment rate (Dec 2025) with roughly 825,800 total nonfarm jobs, while trade/transportation/utilities continued as one of the region’s largest job bases, consistent with Jacksonville’s role as a Southeast logistics gateway.

On the corporate side, JAXUSA continues to position Jacksonville as Florida’s leading corporate operations hub, citing a concentration of Fortune 500 activity and major HQ / regional HQ functions (including names such as CSX, Fanatics, Florida Blue, PGA TOUR, and Johnson & Johnson Vision).

Momentum also carried into 2025 with 12 project announcements, totaling 2,400+ jobs and nearly $1B in capital investment across relocations and expansions in Northeast Florida.

Jacksonville Population

 

The Jacksonville, FL MSA’s population is 1,760,548. Duval County accounts for roughly 60% of the population (1,055,159), while St. Johns (334,928) and Clay (236,760) counties follow. The Jacksonville population has grown an impressive 9.15% in the past 4 years, led by St. Johns County (20.87%) and Nassau County (14.66%).

Demographics

Total Population
1,760,548
Population Growth (2020-24)
9.15%
Unemployment Rate (Dec 2025)
4.6%
#3
Top Cities for Economic Growth (Coworking Cafe)
#7
Best Big Cities to Live in the U.S. (US News & World Report)
#10
U.S. Cities to Find High-Paying Finance Jobs (Forbes)

Multifamily Highlights

Apartment Market Overview:

610
Apartment Communities (50+ units)
134,949
Total Units (50+ units)
$1,506
Avg. Asking Rent
4,918
12-Month Absorption (Units)
88.2%
Occupancy

12-Month Sales:

$1.38B
12-month Sales Volume ($)
9,060
12-month Sales (Units)
40
12-month Sales (# of transactions)

Development Pipeline:

19
Properties Under Construction
3,961
Units Under Construction

Jacksonville, FL Multifamily Analysis

 

 

Multifamily Overview
Jacksonville’s multifamily market is moving through the latter stages of a historic supply cycle, with fundamentals beginning to stabilize after several years of elevated deliveries. The metro currently comprises 134,949 units, with vacancy at 11.8%, down 200 basis points year-over-year but still above both its long-term average of 9.0% and the national benchmark. Over the past 12 months, 2,784 units were delivered while absorption totaled 4,918 units, narrowing the supply-demand gap to its tightest level since 2022.

 

 

 

 

Supply & Vacancy Trends
After three consecutive years of vacancy expansion, strong renter demand, particularly in 4 & 5 Star assets, has driven measurable improvement. Upper-tier vacancy has declined meaningfully, and no submarket reported negative absorption over the past year. However, vacancy remains elevated across several high-growth corridors, including Saint Augustine and the North Side, where recent deliveries have been concentrated. With construction starts down roughly 10% year-over-year and 3,961 units currently underway, competitive pressure is expected to ease through late 2026.

Rent & Market Positioning
Asking rents average $1,506 per month, reflecting a -1.0% year-over-year decline as concessions remain prevalent in lease-up communities. Elevated vacancy and aggressive incentives, often six weeks free or more, have limited landlords’ pricing power. Still, Jacksonville maintains a relative affordability advantage compared to other major Florida metros, supporting long-term demand.

Outlook
With deliveries moderating sharply from 2024 peaks and population growth projected to outpace national trends, Jacksonville is positioned to transition from oversupply toward equilibrium. Rent growth is forecast to return to positive territory in the second half of 2026, with gradual vacancy compression expected through 2027.

Primary Source: CoStar

 

Economic Development

Jacksonville continues to attract capital investment, port expansion, and corporate growth initiatives that reinforce long-term economic momentum:

  • Mayo Clinic Jacksonville Expansion – Opened in May 2025; $378 million project that added five floors and 166 patient beds.
  • Amazon – In February 2026, Amazon Air announced it will deliver freight to the Jacksonville airport via a 50,182 SF warehouse. In July 2025, Amazon invested $12 million to add a grocery section to its West Jacksonville distribution center.
  • Jacksonville Riverfront – 5 major park projects are currently underway, accelerating a multi-year effort to redevelop parcels along the St. Johns River.
 

Major Employers

  1. Baptist Medical Center - Jacksonville

    15,350 jobs / 1,437 beds  | Learn More

  2. Mayo Clinic of Florida

    10,185 jobs / 419 beds  | Learn More

  3. UF Health Jacksonville

    8,500 jobs / 695 beds  | Learn More

  4. Florida Blue HQ

    5,159 Jobs  | Learn More

  5. St. Vincent's Healthcare

    5,379 jobs / 1,027 beds  | Learn More

  6. UPS

    4,500 jobs  | Learn More

  7. Fleet Readiness Center Southeast

    4,200 jobs  | Learn More

  8. Brooks Rehabilitation HQ

    3,028 jobs  | Learn More

  9. Memorial Hospital Jacksonville

    2,650 jobs / 454 beds  | Learn More

  10. Gate Petro HQ

    2,648 jobs  | Learn More

  11. PGA Tour & Studios

    2,382 Jobs  | Learn More

  12. JEA HQ

    2,309 jobs  | Learn More

  13. Florida State College at Jacksonville

    2,276 Jobs / 45,000+ Enrollment  | Learn More

  14. University of North Florida

    2,248 jobs / 17,662 Enrollment  | Learn More

  15. Fidelity Investments

    2,140 Jobs  | Learn More

  16. CSX Transportation HQ

    2,100 jobs  | Learn More

  17. Vystar Credit Union

    1,843 jobs  | Learn More

  18. Miller Electric

    1,841 Jobs  | Learn More

  19. Northrop Grumman Systems

    1,500 jobs  | Learn More

  20. Crowley HQ

    1,200 jobs  | Learn More

  21. Wolfson Children's Hospital

    1,100 jobs / 216 beds  | Learn More

  22. Alivia Care HQ

    1,065 Jobs  | Learn More

Other Demand Drivers

  1. Jacksonville University

    4,247 enrollment  | Learn More

  2. Jacksonville International Airport

    7.6M passengers in 2024 (most all-time)  | Learn More

  3. TPC Sawgrass golf course

    Home of THE PLAYERS golf championship (PGA)  | Learn More

  4. EverBank Stadium

    Home of Jacksonville Jaguars (NFL); 67,814 capacity  | Learn More

  5. 121 Financial Ballpark

    Home of the Jacksonville Jumbo Shrimp (AAA baseball)  | Learn More

  6. St. Johns Town Center

    1,400,000 SF; Target, Marshalls, Old Navy, Ross, PetSmart, JoAnn, Dillard's, Nordstrom, Dick's Sporting Goods  | Learn More

  7. The Avenues

    1,100,000 SF; Belk, Dillard's, JCPenney  | Learn More

  8. River City Marketplace

    637,640 SF; 80+ stores; BJ's Wholesale, Ashley Furniture, Best Buy, PetSmart, Old Navy, Michaels, Ross  | Learn More

Our Deal Team

Eric Hardesty
AL | FL | LA
Eric Hardesty
AL | FL | LA
Phone: (205) 225-7000

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.

Ky Burdeshaw
Florida
Ky Burdeshaw
Florida
Phone: 205-470-7209

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.

Jimmy Yancey
Florida
Jimmy Yancey
Florida
Phone: 352-789-3955

Originally from Ocala, FL, Jimmy attended the University of Florida where he graduated with a degree in Political Science. He then furthered his education at St. Leo University where he graduated with an MBA. Jimmy's favorite part of working in multifamily real estate is taking on the challenge of navigating complex deals.

Sources & Comments

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 02/2025 – 02/2026

4. Development Pipeline as of 2/12/26

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

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