FIRST COAST COMMUTER RAIL TOD STUDY | EXISTING CONDITIONS
FIRST COAST COMMUTER RAIL TOD STUDY | EXISTING CONDITIONS
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REAL ESTATE MARKET CONDITIONS
RESIDENTIAL
Multifamily Since 2010, more than 21,000 multifamily units have been delivered in Duval County and almost 2,500 units have been delivered in St. Johns County. In both counties, deliveries have picked up in recent years, with large deliveries in St. Johns in 2018 and 2019 and Duval County consistently adding over 3,000 units
annually since 2019. Out of the 25 new developments in Duval County since 2021, 5 of them offer some form of affordable housing. Since 2010, net absorption has averaged almost 2,200 units per year in Duval County. St. Johns County saw a jump in 2019 as large deliveries were absorbed.
family homes while Duval County is almost half renters, staying in a mix of single-family and multifamily units. Since 2010, Duval County’s share of renters increased by 6%, reaching 41% in 2020. Over the same period, St. Johns County saw a 7% increase in owner-occupied units, particularly single-family, bringing owner- occupancy up to 77% of all units.
St. Johns County housing unit growth was 33% from 2010 to 2020, almost 3 times Duval County’s growth of 12%, as shown in Figure 3-37. In St. Johns, almost all the growth took place outside of the city of St. Augustine.
St. Johns County is mostly owner-occupied, single-
Multifamily Deliveries (2010-2021)
Housing Units (2010-2020)
500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
Large deliveries included Isla Antigua, Arbors at Valencia, and The Elysian
100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000
+12% unit growth
Large deliveries included The Reserve at Nocatee and The Landing at St. Augustine
+33% unit growth
- 50,000
(500)
2010
2020
2010
2020
2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Duval County
St. Johns County
Duval County Change in Inventory
St. Johns County Change in Inventory
Jacksonville Rest of County St. Augustine Rest of County
Figure 3-37: HOUSING UNIT GROWTH IN DUVAL AND ST. JOHNS COUNTY
Source: ACS 2020 (5-Year Estimate)
Multifamily Average Vacancy Rate (2010-2021)
Multifamily Average Rent (All Service Types) per SF/Month (2010-2021)
Occupied Units by Tenure and Mix (2010-2020)
$0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80
10% 12% 14%
2020
2010
0% 2% 4% 6% 8%
2020
2010
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Owner-Occupied Single Family Owner-Occupied 2-4 Units Renter-Occupied Single Family Renter-Occupied 2-4 Units
Owner-Occupied 5+ Units Renter-Occupied 5+ Units
Duval County Avg. Vacancy Rate St. Johns County Avg. Vacancy Rate
Duval County Avg. Rent St. Johns County Avg. Rent
Other
Figure 3-38: OCCUPIED UNITS BY TENURE AND MIX
Source: ACS 2020, 2010 (5-Year Estimate)
Figure 3-39: MULTIFAMILY DELIVERIES, VACANCY & RENT
Source: CoStar
FCCR TOD
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