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. In the past five years, Downtown has seen a 40% increase in residents. Nearly 600 new apartments have opened since the start of 2020 including Vista Brooklyn, Elena Flats, Shipping Container Apartments, Lofts at Brooklyn and Lofts at Jefferson Station–Downtown’s first transit-oriented housing development in LaVilla.
Nearly 7,000 residents now live in 29 multifamily properties, up 9% from last year. Downtown can expect more than 900 additional residents once the 552 units under construction come online, bringing Downtown 80% 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.
97.5% Occupancy Rate
596 New Units
552 Units Under Construction
981 Units Proposed
RESIDENTIAL SALES
Average price: $229,900
Average price per SF: $200
Range: $86-$363 per SF
RESIDENTIAL LEASES
Average rent/mo: $1,579
Range: $675 – $5,785
