Engage Jacksonville

MULTIFAMILY SNAPSHOT 1Q 2022

3,090 UNITS YTD CONSTRUCTION COMPLETIONS 6,291 UNITS UNDER CONSTRUCTION

Rent Rates/Unit & Vacancy

Rent Rates/Unit & Vacancy

TOTAL MULTIFAMILY INVENTORY

$1,000 $1,200 $1,400 $1,600 $1,800 $2,000

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0%

$0 $200 $400 $600 $800

AVERAGE PRICE/UNIT $176,000

CAP RATE 4.3%

2013 2014 2015 2016 2017 2018 2019 2020 2021 1Q22

100,887 UNITS

Rent per Unit

Class A Rent per Unit

Vacancy

Deliveries & Absorption Rate Deliveries & Absorption Rate

1,000 1,500 2,000 2,500 3,000 3,500 4,000

0 0 0 0 0 0 0

AVG ASKING RENT/ UNIT $1,446

YTD ABSORPTION 221 UNITS

CLASS A 36,355 UNITS

0 500

2013 2014 2015 2016 2017 2018 2019 2020 2021 1Q22

Deliveries YTD

Absorption % of Inventory

Source: Cushman & Wakefield Research

ENGAGE JACKSONVILLE MSA OVERVIEW | 15