Jacksonville, FL Multifamily Market Report Q3 2026

Jacksonville multifamily demand flipped back to positive in Q3 2026: the metro absorbed 1,097 units versus just 15 in Q3 2025, while trailing-12-month completions fell 40% to 3,342 units. Vacancy is 6.0%, 42 basis points tighter than a year ago, and average rent of $1,488 is up 1.7% year over year, though still 4.0% below the Q3 2022 peak of $1,550. This Matthews™ Jacksonville, FL Multifamily Market Report Q3 2026 covers demand, supply, pricing, and investment sales across eight submarkets so owners, investors, and lenders can see where Jacksonville apartment fundamentals are strongest.

Key Findings

• Q3 demand rebounded: Jacksonville absorbed 1,097 units versus 15 in Q3 2025, though trailing-12-month absorption of 3,573 units is down from 6,712 a year earlier.
• Vacancy is 6.0%, with Baymeadows the tightest submarket at 4.9% and Northside the loosest at 8.7%.
• Rent of $1,488 is up 1.7% year over year, and Westside leads rent growth at +3.5%.
• New supply is easing: Q3 completions were 690 units, trailing-12-month completions of 3,342 units are down 40%, and annual completions peaked at 9,219 units in 2024.
• Investors recorded $1.0B in Jacksonville multifamily sales over the trailing 12 months (-9%), at $152K per unit, 15% below the Q3 2022 peak of $178K.

Jacksonville Multifamily Supply & Demand Dynamics

How is renter demand in Jacksonville?

Jacksonville absorbed 1,097 units in Q3 2026, compared with 15 in the same quarter last year. Trailing-12-month absorption of 3,573 units is down from 6,712 a year earlier. Vacancy is 6.0%, and average rent of $1,488 is up 1.7% year over year.

How many new apartments are being built in Jacksonville?

Jacksonville recorded 690 completions in Q3 and 3,342 over the trailing 12 months, down 40% from the prior 12-month period. Units under construction equal 2.7% of inventory and are concentrated in Central Jacksonville, where they represent 10.2% of existing stock. The 4,129-unit pipeline equals about four and a half quarters of absorption at the trailing pace.

Jacksonville Multifamily Investment Market

What are Jacksonville multifamily cap rates and pricing?

Jacksonville multifamily cap rates average 5.54%, down for eight straight quarters and 104 basis points below the Q1 2015 high of 6.58%. Pricing sits at $152K per unit, lower for four consecutive years. Sales volume reached $1.0B over the trailing 12 months, down 9% from the prior period, with $154M closing in Q3. The 2021 high-water mark was $3.5B. Compressing cap rates and positive absorption give owners a firmer footing for a sale or refinance than a year ago.

Jacksonville Multifamily Submarket Highlights

Vacancy is lowest in Baymeadows (4.9%), East Jacksonville (5.0%), Orange Park/Mandarin (5.2%), and Westside (5.7%). It is highest in Northside (8.7%), Central Jacksonville (7.5%), and San Marco/Southeast (7.0%). Rent growth is led by Westside (+3.5%), Orange Park/Mandarin (+3.0%), and Central Jacksonville (+2.7%). St. Augustine/Beaches is the only submarket with negative rent growth, at -0.3%. Construction is heaviest in Central Jacksonville (10.2% of inventory), Northside (5.3%), and St. Augustine/Beaches (4.8%).

Jacksonville Multifamily Market by the Numbers

• Vacancy: 6.0%
• Average rent: $1,488 (+1.7% year over year)
• Q3 2026 net absorption: 1,097 units
• Trailing-12-month completions: 3,342 units
• Under construction: 2.7% of inventory (4,129 units)
• Trailing-12-month sales volume: $1.0B (-9%)
• Average cap rate: 5.54%
• Price per unit: $152K

Jacksonville Multifamily Market FAQs

What is the Jacksonville apartment vacancy rate in Q3 2026?

The Jacksonville multifamily vacancy rate is 6.0% in Q3 2026, down 42 basis points from Q3 2025.

What is the average apartment rent in Jacksonville?

Average rent in Jacksonville is $1,488 in Q3 2026, up 1.7% year over year and 4.0% below the Q3 2022 peak.

Which Jacksonville submarket has the lowest multifamily vacancy?

Baymeadows has the lowest multifamily vacancy at 4.9%, followed by East Jacksonville at 5.0%.

What is the average multifamily cap rate in Jacksonville?

The average Jacksonville multifamily cap rate is 5.54% in Q3 2026, down for eight consecutive quarters.

Previous Jacksonville Multifamily Market Reports

Compare this quarter with the prior one: read the Jacksonville, FL Multifamily Market Report Q2 2026.

The bottom line for owners: positive absorption, easing completions, and compressing cap rates are encouraging, but trailing-12-month absorption is still well below last year and Central Jacksonville carries heavy construction. Owners in tight submarkets such as Baymeadows and Westside hold the strongest position. Download the full report above for submarket charts and detail, or contact Maxx Bauman, Managing Director in Jacksonville, to discuss your property.

Sources: Matthews™ Research, RealPage, RCA, CoStar Group, Inc., and BLS. Information is for reference only. Sources deemed reliable but not verified.