Jacksonville is enjoying very promising growth prospects for the rest of 2017 according to the latest multifamily market research. Benefitting from ongoing employment growth, a relatively low cost of living and stable weather, the area is continually drawing in new permanent residents and promoting demand for apartments and real estate.
The top three areas of employment growth right now are tourism, entertainment and healthcare, which combined have brought hundreds of new jobs to the area already, and are projected to brings many hundreds more by the end of the year. The new Topgolf facility near the St. Johns Town Center alone has added 500 jobs to the market. Major companies like Amazon and IKEA will also be adding significantly to the job market within the year.
The surge of jobs has contributed to rent growth, but reduced vacancy below 5%. However, development of new properties is increasing to match the growing need; over 4,500 new units were under construction as of March, and more are likely to begin construction later this year. It is expected that investment will continue to increase and exceed last year’s peak of $916 million. Keep following Creative Realty Partners for more updates on the most important multifamily markets.