Jacksonville, FL Multifamily Market Report Q2 2026
Jacksonville’s Multifamily Market Comeback Cracks the National Top Three
Demand
Something notable just happened in Jacksonville: rent grew 0.64% YoY in Q2, the market’s first positive reading after three straight years of decline. Net absorption of 1,564 units was up 31.6% from a year ago, and vacancy fell sharply. Occupied stock grew to 144,150 units, and despite negative employment growth, accelerating leasing activity points to significant pent-up demand built up during the supply glut. While it is not a dramatic turnaround yet, the positive trajectory after three years of decline is an encouraging sign.
Supply
Jacksonville’s construction pipeline has all but emptied out with units under construction recording 3,612, just 2.35% of inventory, down from an 11.64% peak in Q1 2023. This is one of the sharpest pipeline contractions in the nation. The TTM completions fell 50.6% to 3,559 units, down from the 9,217 delivered at the top of the cycle in 2024. Q2 completions themselves actually rose 16.0% YoY to 1,008 units. Jacksonville looks to be heading into 2027 with a clean construction slate.
Investment Market
Investment activity has been volatile with the TTM volume up 25.6% YoY to $1.15B. However, this masks a Q2 that came in at just $120.2M, down 69.5% from a year ago.
Cap rates have compressed slightly to 5.57%, down from 5.62% a year ago, bucking the trend in several other Sunbelt markets where cap rates have been rising. With rent growth just turning positive and the construction pipeline nearly empty, Jacksonville looks like a market where the fundamentals are improving faster than the deal data has caught up to.
Volume
- $1.1B TTM volume (+26% YoY)
- Q2 2026: $120M
- A choppy volume swing
Pricing
- Cap rate 5.57%
- Price per unit $153k
- Rent growth positive for the first time in 4 years
