“The Jacksonville MSA is showing signs of stabilization following a volatile prior 24-month period. Despite experiencing lower rental rates compared to a year ago, the MSA has maintained an impressive average annual rent growth of 9.1% since Q1 2022. Additionally, with the MSA’s population growing by another 2.2% in 2023 and maintaining its position as the #1 destination for net migration for the second consecutive year, we anticipate a reversal in the current occupancy trend due to the diminishing development pipeline. Looking ahead to 2024, the outlook for the Jacksonville MSA remains robust and is poised to continue its out-performance relative to other markets.”
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