A surge of new apartment construction starts puts Jacksonville among the nation’s most active markets despite ranking among the nation’s worst for both apartment occupancy and rent change levels.
Apartment vacancies remain a huge problem in Jacksonville due to the weak local economy. However, a handful of top-tier submarkets on the southern end of the metro have bucked the norms.
Most secondary markets in Florida show weak to ho-hum apartment fundamentals, but there are three that stand far above the pack.
Despite surprising performance stats in 2010, the pricing momentum in the Jacksonville apartment market is losing momentum. Greg Willett explains.
Jacksonville’s apartment sector achieved some rent growth in the year-ending March 2011, but with occupancy in very weak shape, those increases appear unsustainable.
Recycling apartment sites certainly isn’t a new thing, but that pattern really just emerged during the most recent building cycle in Sun Belt locales across the Southeast and into Texas.
The U.S. apartment sector enjoyed such a strong year in 2010 that even the nation’s hardest-hit markets began shifting into recovery mode.