Jacksonville, Fla., had 6,265 apartment units under construction as of February, with 94 percent of those targeting high-income earners, according to a new report from Yardi Matrix.
The lion’s share of the development pipeline (77 percent) is expected to come online this year, with the rest following behind in 2022. As of February, an additional 27,400 units were in the planning and permitting stages across the metro.
Developers completed 472 units in the first two months of the year, and construction starts were close to that of the previous year, despite challenges facing properties. In the year leading up to February 2020, developers broke ground on 2,260 units, across nine properties. As of February 2021, construction starts during the previous 12 months numbered 2,190 units, also across nine properties.
The report also notes apartment construction has been consistent in Jacksonville during the past decade. Since 2013, developers have added an average of 2
