For three years, Jacksonville landlords lived with the same headline: too many new apartments and not enough rent growth. In 2026, that story finally started to change.
The year is not over yet, and some data is still catching up. But enough numbers are in to see a clear turn. Here is what Jacksonville's rental market has shown so far in 2026 and what it may mean for owners heading into 2027.
Key Takeaways
- Jacksonville apartment rents turned positive in Q2 2026, up 0.64% year over year after three years of declines, according to Matthews.
- Net absorption reached 1,564 units in Q2 2026, up 31.6% from the previous year.
- Units under construction fell to about 2.35% of inventory, down from a peak of 11.64% in early 2023.
- Population growth ranked among the top 10 major markets for the third straight year in 2025, per Marcus & Millichap.
- Job growth slowed, so the recovery may be gradual rather than fast.
Where Jacksonville Started the Year
Early 2026 data showed a market still working through a wave of new supply. The Yardi Matrix Jacksonville report, summarized by Multi-Housing News in April 2026, reported:
- Average asking rent of $1,488, down 1.4% year over year
- Stabilized occupancy of 92.6% in February 2026
- 7,374 apartment units delivered in 2025
- 5,600 net jobs added in 2025, led by education and health services
The Mid-Year Turn
By the second quarter, the trend shifted. Matthews' Q2 2026 Jacksonville report showed rent growth of 0.64% year over year, the market's first positive reading after three straight years of decline.
Demand was the driver. Net absorption reached 1,564 units, up 31.6% from a year earlier, and vacancy fell sharply even though employment growth was negative in that report. That suggests renters who delayed moves during the supply wave may now be signing leases.
New Supply Is Drying Up
The biggest reason for optimism may be what is not being built. Matthews reported 3,612 units under construction in Q2 2026, about 2.35% of inventory, down from an 11.64% peak in the first quarter of 2023.
Marcus & Millichap's 1Q 2026 report also expects construction activity to drop sharply after the third quarter of 2026. Fewer new units competing for renters could support occupancy and rents in 2027.
Demand Drivers to Watch in 2027
- Population growth: Marcus & Millichap reported that Jacksonville's population growth ranked among the top 10 major markets in 2025 for the third consecutive year.
- Corporate relocations: The same report pointed to Intercontinental Exchange's planned mortgage-technology headquarters as a source of demand for higher-end rentals.
- Industrial expansion: Yardi Matrix noted expansion plans from Otto Aerospace and Swisher.
- Concessions: Marcus & Millichap reported that concessions eased at Class A properties but remained common at Class B complexes.
Risks That Could Slow the Recovery
The turnaround is real, but it is early. Job growth slowed in 2025 and turned negative in some mid-2026 data, and a weaker labor market could limit how fast rents rise. Insurance and other operating costs also remain high for many Florida owners.
Different sources measure the market in different ways, so you may see slightly different numbers in other reports. We cite each figure to its source rather than treating any one as final.
How Single-Family Rentals Fit In
Most of the data above comes from apartment market reports. Single-family rentals often behave a little differently, since they compete for renters who want more space, a yard, or a specific school zone.
Still, apartment trends matter. When large complexes offer heavy concessions, some renters choose an apartment over a house. As new apartment supply slows and concessions ease, single-family owners may face less pressure to discount rent to compete.
Location remains key. Neighborhoods near major employers, strong schools, and the beaches may recover faster than areas with more competing inventory.
What This Means for Jacksonville Landlords
- Renewals: With supply easing, modest renewal increases may be more realistic than in 2024 and 2025. Consistent tenant screening helps you renew the right residents.
- Single-family homes: Less new apartment supply may reduce competition from concession-heavy complexes.
- Vacancies: Pricing to current comparable rentals still matters while concessions linger. Strong rental marketing shortens the gap.
- Upgrades: Targeted improvements can help a home compete as the market recovers.
Hypothetical example for illustration only. On a home renting for $1,800 per month, a 2% renewal increase adds $36 per month, or $432 per year. Keeping a good tenant instead of facing one month of vacancy saves $1,800 in rent, so retention balances the increase.
Frequently Asked Questions
Are Jacksonville rents going up in 2026?
Matthews reported a 0.64% year-over-year rent increase in Q2 2026, the first positive reading in about three years. Earlier 2026 data from Yardi Matrix still showed a 1.4% annual decline, so the trend turned during the year.
Why is new construction slowing in Jacksonville?
After a large wave of deliveries, developers pulled back on new starts. Units under construction fell to about 2.35% of inventory by Q2 2026.
Will 2027 be a good year for Jacksonville landlords?
The outlook looks more favorable as supply falls, but it depends on job growth, insurance costs, and local demand. Plan conservatively and review rents property by property.
When will full 2026 data be available?
Year-end reports usually come out in the first quarter of the following year. We recommend revisiting the numbers in early 2027.
Should I raise rent on renewals in 2027?
Possibly, but carefully. Review current comparable listings for your neighborhood first. A modest increase paired with strong retention often protects income better than a large jump that risks a vacancy.
Position Your Jacksonville Rental for 2027
Jacksonville's rental market spent 2026 turning a corner. With supply slowing and demand improving, owners who price carefully and keep good tenants may be well positioned for the year ahead.
DoorVine Property Management helps Jacksonville owners price, lease, and manage rentals with local insight. Get a free rental analysis or contact our team today.
