During Q3’21, the overall price averaged $147K per unit, a 19% increase year-over-year, while cap rates continued to compress. As the MSA remains one of the top 25 hottest housing markets in the country, investors maintain their confidence in the multifamily market.
Effective rents, now averaging $1,353 for the Jacksonville MSA, increased 18.7% yearover-year during Q3’21, while vacancy levels decreased nearly 1% during the same period. As the MSA continues to see an influx of new jobs, along with the increase in population, rents will continue to rise, while vacancy levels remain at historic lows.
Senior Vice President, Multifamily Investment Sales
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