Orlando Multifamily Market Report
Relocation Appeal Spearheads
Apartment Demand in Orlando
Sun Belt migration benefits Orlando. Fueled in part by robust in-migration to the region, demand drivers in Orlando's multifamily sector have never been stronger. Renters absorbed nearly 16,000 units during the past 12 months ending in March, more than double the previous record high. Availability fell 290 basis points during that span amid the market's largest supply wave in more than 20 years. Renter demand is widespread, with all 15 of the metro's submarkets recording rent growth of at least 19 percent over the past four quarters. Looking ahead, demand seems apt to remain robust, even as rent growth stays at double-digit levels. Orlando will outpace most major metros in job growth this year, and in-migration is projected to stay strong during the next five years, suggesting tight conditions will remain for the foreseeable future.