Jacksonville, FL Multifamily Market Report | Cushman & Wakefield | Q1 2026

Market Overview

‍Jacksonville's multifamily market showed early signs of stabilization in Q1 2026 as development activity continued to decelerate. Total inventory reached 114,552 units following 2,716 annual deliveries, while units under construction declined to approximately 2,500, down from more than 3,400 at year-end 2025, as developers responded to normalized market conditions and rising construction costs. Net absorption totaled 988 units, outpacing the 944 units of new supply delivered during the quarter. Stabilized occupancy held at 90.3%, down 0.6% year-over-year, with Downtown Jacksonville (95.2%), Beaches (94.0%), and Nassau County (92.0%) posting the strongest occupancy rates in the metro. Effective rents averaged $1,484 per unit, essentially flat at down just 0.2% year-over-year, with Saint Augustine commanding the highest asking rents at $1,689 and also recording the strongest quarterly absorption at over 1,100 units. Central Jacksonville led all submarkets in annual rent growth at 5.4%, while Downtown Jacksonville rose 1.2% year-over-year to $1,663. On the investment side, 11 properties totaling 2,099 units changed hands for $160.4 million, with notable transactions including Hamlet at Wildlight (250 units, $78.5M) and The Vale at Baymeadows (276 units, $42M).

‍About Cushman & Wakefield

‍Cushman & Wakefield is a leading global commercial real estate services firm with approximately 53,000 employees across more than 350 offices in nearly 60 countries, reporting $10.3 billion in revenue in 2025. Their quarterly Jacksonville Multifamily MarketBeat report tracks occupancy, absorption, effective rents, deliveries, and construction activity across 10 submarkets to help owners, developers, and investors assess market conditions and opportunities. To read the full report, click here.