Metro Reports Multifamily Market Real Estate Trends

Orlando Multifamily Market Report – December 2023

Orlando Multifamily Market Report December 2023
Photo by Jeremy Poland/iStockphoto.com

Orlando Fundamentals A Mixed Bag

After stabilizing during the first half of the year, Orlando’s multifamily market returned to negative movement in July. An overall economic slowdown caused by rising inflation dented rent growth in the metro, leading to a short-term decrease of 0.5% on a trailing three-month basis as of October, according to the latest Orlando multifamily market report. The metro’s average rate was $1,788, some $70 above the U.S. figure. On a year-over-year basis, Orlando rents contracted by 2.7%. Meanwhile, occupancy clocked in at 94.4%, down 70 basis points year-over-year as rental stock expanded at near-record levels.

The metro added 33,400 jobs in the 12 months ending in September, up 3.4% year-over-year and outperforming the national rate by 90 basis points. Two of the metro’s economic drivers, trade, transportation and utilities and leisure and hospitality, added a combined 16,800 jobs. Meanwhile, professional and business services lost 4,400 positions, one of three sectors to see year-over-year contractions. City authorities are rolling out the Project DTO 2.0 initiative, which is focused on advancing downtown Orlando.

Through October, transaction activity decelerated, following national patterns, to just $1.2 billion, putting the metro on track for its worst sales total in more than a decade. However, construction activity picked up in the 10 months ending in October, with 9,077 units coming online, while the volume of construction starts was in lockstep with 2022 levels, at 11,975 units.

Read the full Yardi Matrix Orlando Multifamily Market Report: December 2023

About the author

Anda Rosu

With a background in marketing, Anda Rosu has been an associate editor with Commercial Property Executive and Multi-Housing News since 2021. Her current work centers around data-driven writing projects for the two publications, and multifamily reports for Yardi Matrix.

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