Market Research > Jacksonville Market Research

Financial Firms and Navy to Support 
Tight Occupancy in Jacksonville

The outlook for Jacksonville’s rental market remains bright as payroll growth outpaces the national average and boasts among the fastest-growing populations. Rent growth is forecast to accelerate this year as vacancy remains near 5 percent, a level often considered full occupancy. Many of the rentals are tenanted with military personnel, with Naval Air Station Jacksonville and Naval Station Mayport supporting over 34,000 active personnel and civilians. Naval Station Mayport will bring eight new combat ships and thousands of jobs over the next five years. Consequently, rents are expected to climb the most in the Atlantic Beach region where the naval station is located. Meanwhile, a number of financial firms including Ernst and Young, Fidelity, FIS and Citi will also generate hundreds of payroll additions throughout the metro over the next few years. As the state welcomed a record number of tourists last year, Jacksonville will stake a claim to many travellers, boosting the tourism and hospitality industry. Many of the workers in the tourism sector gravitate towards rentals[…]


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