The trailing 12-month absorption of 4,943 units nearly doubled the 2,666 units delivered, with positive net absorption recorded in each of the past four consecutive quarters.
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The supply cycle is winding down. Completions have fallen 68% year-over-year, the active pipeline has contracted 30% to 2,661 units (2.1% of inventory), and trailing 12-month starts stand at just 1,531 units.
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Average effective rents of $1,464 reflect a 1.0% annual decline, though the rate of decline has moderated as the supply pipeline contracts and absorption continues to outpace deliveries.
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MARKET OUTLOOK
Jacksonville is navigating a late-cycle supply environment with improving fundamentals. The delivery wave that pressured rents and occupancy through 2024...
