Jacksonville, FL Multifamily Market Report | Cushman & Wakefield | Q4 2025

Market Overview

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Jacksonville's multifamily market showed early signs of rebalancing in 2025. Net absorption totaled 5,472 units for the year, outpacing the 4,127 units delivered, the first time demand has exceeded supply in several years. Second-half deliveries fell 60.9% from the same period in 2024, and units under construction declined 25.8% year-over-year to 3,810, reflecting meaningful developer pullback following a cycle that expanded Jacksonville's inventory by 28.7% since 2020. Stabilized occupancy dipped 50 basis points to 90.2% as lease-up timelines for earlier deliveries stretched, and effective rent edged down 0.5% to $1,492 per unit. Southside and Saint Augustine led absorption, collectively accounting for over half of annual net occupancies. With population at 1.8 million, median household income up 3.9%, and the construction pipeline contracting, the market is positioned for a gradual occupancy and rent recovery as remaining supply is absorbed.

‍About Cushman & Wakefield

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Cushman & Wakefield is a global commercial real estate services firm with approximately 52,000 employees across 60 countries and $9.4 billion in revenue. Their Jacksonville Q4 2025 multifamily MarketBeat covers stabilized occupancy, effective rents, net absorption, and construction activity across 10 submarkets to help owners and investors assess Northeast Florida market conditions. To read the full report, click here.