As investors continue to enter the market, the sales volume for Q2’21 continues to increase. Meanwhile, the overall price is averaging $140K per unit, up 25% annually, while cap rates continue to compress.
Effective rents, now averaging $1,231 for the Jacksonville MSA, increased 11.5% year-overyear during Q2’21. This is the largest annual rent growth in more than a quarter century and is the seventh largest rent increase among major markets nationally. Vacancy levels decreased nearly 1% during Q2’21, still trending below the overall annual average for the past five years.
“As the Jacksonville MSA reaches historic rent growth and occupancy levels, investors continue to flock to the market for a cost basis well-below that of other similar MSAs in the Southeast. Furthermore, all market and economic indicators seem to be pointing for continued growth for the foreseeable future.”
Senior Vice President, Multifamily Investment Sales
SUBSCRIBE TO OUR NEWSLETTER
Get the Latest Multifamily Investment Sales News
Sign up to receive our email newsletter for updates on new multifamily listings, industry news, and market research delivered right to your inbox.
