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Market Report

Orlando Multifamily Market Report

2024 Investment Forecast

Orlando Claims the Fastest Pace of
Household Formation in Florida

Long-term outlook is aided by regional affordability. The expected delivery volume of 12,000 units this year will place upward pressure on Orlando’s vacancy rate this year, pushing the metric to the highest level observed since 2012. Still, several favorable tailwinds will backstop apartment demand in the long-run, allowing supply and demand to realign. The metro expects to claim the fastest rate of household growth in Florida at 2.3 percent in 2024. At the same time, the median single-family home price in Orlando has risen by over 50 percent since 2019, putting homeownership out of reach for more residents. As such, many of these new households may opt to stay in the renter pool. This will enable the total occupied local apartment stock to reach an all-time high by year-end. The market’s favorable demographics are unlikely to subside as regional affordability buoys metro in-migration, facilitating additional demand. Orlando entered 2024 with the second-lowest mean rent among major Florida markets, making it an appealing option for relocation, particularly among retirees on a budget.

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