Jacksonville Apartment Boom Slows Amid Recalibration
Jacksonville's Shifting Real Estate Landscape The real estate environment in Jacksonville is experiencing significant changes. The once-thriving apartment construction sector is now seeing a sharp decline. This downturn is evident with a drop of over 60% in construction starts in the past year. Even with this decline, the multifamily inventory has grown, expanding by over 20% in the last five years. There are currently around 4,628 units under construction. These units are expected to add 3.8% to the inventory upon completion. The market is anticipated to stabilize and improve by 2025, with stable occupancy levels contributing to this outlook. Examining construction trends highlights a reduced pipeline of new projects. The number of units under construction is over 50% lower than in 2023. This figure is also nearly 25% below the decade-long average. This paints a picture of a cooling construction environment after a surge. Strategic developments persist, particularly in areas like ...