Orlando Multifamily Market Report

Submarkets see shifting development patterns. Bolstered by the nation’s second-fastest rate of net in-migration in 2025, Orlando’s apartment market enters 2026 on a solid footing, though population gains are beginning to moderate. The metro also must contend with an inventory that has grown more than 20 percent over the past five years, one of the 10 fastest paces among major markets. The longer-term outlook is promising, given that the number of units under construction fell by late 2025 to its lowest level since at least 2020. But areas such as Winter Garden, the Interstate 4 corridor between the CBD and Williamsburg, and Kissimmee will still face notable supply pressure in the months ahead. In contrast, areas like the CBD and Northwest Orlando maintain favorable positioning after recording some of 2025’s largest declines in vacancy and anticipate limited supply pressure in the coming years. Metrowide, mean effective rent declines have narrowed each year since 2022. As vacancy continues to tighten for a third consecutive year in 2026, a return to rent growth appears imminent.