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Orlando's Young Renter Population Grows;
Construction Activity Begins to Ease
Leasing activity picks up as construction peaks. Net absorption in Orlando hit its highest quarterly total since 2021 in the first quarter of the year. This is a welcome sign for the market as multifamily construction appears to be hitting its cyclical peak. Project starts have slowed of late, leading to a smaller pipeline delivering in 2025 and 2026. While vacancy rises in 2024, the elevation will moderate relative to the past two years. Renter demand is aided by the age 20 to 34 cohort — a demographic that is traditionally likely to rent. Orlando offers the second-lowest average effective rent among major Florida markets, and household incomes are growing faster than the national rate. Together, these factors are likely to attract younger individuals to the metro, supporting standout growth for this cohort.