As high supply has negatively impacted many landlords in the Sunbelt, Jacksonville is set for a rebound in multifamily in 2025, a new report from MMG finds.
In 2024 alone, there were some significant improvements. Most notably, starts plummeted by 61 percent year-over-year to just 2,215 units. Annual units under construction fell 24 percent below the historical yearly average to 4,628.
Also, multifamily demand appears to be strong in Jacksonville. The nearly 7,000 units absorbed in 2024 was a "record-breaking" number, according to MMG.
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