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Market Report

Orlando Multifamily Market Report

Third Quarter 2019

Construction Remains Elevated as Robust Employment Gains Bolster Rental Demand

Apartment demand continues at a rapid clip. During the second quarter of 2019, the Orlando metro ranked third in the nation in terms of the annual percentage of job growth. Many of the added workers are in higher-paying tech and professional services fields, which is boosting incomes and allowing more people to move out on their own. Since June of last year, nearly 30,000 additional households have been formed and due to lifestyle preferences, many are choosing to rent. Also, rising home prices are making renting a more affordable option in many neighborhoods. During the second quarter of 2019, the monthly mortgage payment on a median-priced home was $487 more than the average effective rent on an apartment. Strong demand for rentals has kept vacancy hovering in the high-3 to low-4 percent span since 2015 even though deliveries have ramped up. 

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