Downtown living is on the rise, drawing in Baby Boomers, Millennials and Gen Z’ers looking to dwell amid unique dining, world-class museums, sports and entertainment events, nightlife, and public art. From 2015 to 2020, Downtown has seen a 66% increase in multifamily residential units. Nearly 650 new apartments have opened since the start of 2019 including Lofts at Jefferson Station, Downtown’s first transit-oriented housing development in LaVilla. Downtown’s 3,851 residential units boast a 94% average occupancy rate.
More than 6,100 residents now live in 25 multifamily properties, up 18% from last year. Downtown can expect approximately 1,040 additional residents once the 652 units under construction come online, bringing Downtown nearly three-quarters of the way towards its goal of 10,000 residents. Investors are taking note of Downtown’s quick growth with many projects incorporating amenities and retail into mixed-use projects. In turn, these new amenities will drive demand, attracting and retaining even more residents.
According to Smart Asset – which used Census Bureau data from 2016 to determine the most popular U.S. states and cities that millennials are moving to – Jacksonville is ranked the fifth most popular city. Residents cite atmosphere, vibe and entertainment and events as the best things about living Downtown.
94% Occupancy Rate
646 New Units
652 Units Under Construction
4,000+ Units Proposed
RESIDENTIAL SALES
Average price: $316,400
Average price per SF: $214
Range: $98 – $329 per SF
RESIDENTIAL LEASES
Average rent/mo: $1,583
Range: $695 – $3,890
