{"id":6144,"date":"2023-08-08T11:58:28","date_gmt":"2023-08-08T11:58:28","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6144"},"modified":"2024-03-11T17:07:35","modified_gmt":"2024-03-11T17:07:35","slug":"orlando-multifamily-market-report-july-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/orlando-multifamily-market-report-july-2023\/","title":{"rendered":"Orlando Multifamily Market Report \u2013 July 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/orlando-multifamily-market-report\/\">Orlando Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Central Florida Holds Steady<\/h2>\n<p>The multifamily market in Orlando continues to stabilize, with fundamentals still sound, due to steady demographic and employment growth. As of May, the average rent was $1,827, with rates plateauing on a trailing three-month basis, while U.S. figures improved by 0.3%, to $1,716. Year-over-year, rents grew by just 0.9%, well below the 2.6% national growth rate. Meanwhile, occupancy in stabilized assets clocked in at 95.0% as of April, on par with the national figure.<\/p>\n<p><iframe id=\"datawrapper-chart-i3ynX\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Orlando vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/i3ynX\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Orlando added 70,100 jobs in the 12 months ending in March, for a 5.2% expansion. Despite <a href=\"https:\/\/www.yardimatrix.com\/blog\/orlando-multifamily-market-report-march-2023\/\"><strong>being on a decelerating path<\/strong><\/a>, job growth outperformed the 3.1% U.S. figure. Unsurprisingly, leisure and hospitality led employment gains with 28,200 jobs added, followed by education and health services with 12,800 positions. Universal Orlando announced plans to fill an extra 2,500 full-time, part-time and seasonal positions at its theme parks. Meanwhile, in an effort to cut $5.5 billion in costs, The Walt Disney Co. intends to lay off 7,000 employees worldwide.<\/p>\n<p><iframe id=\"datawrapper-chart-ZC0BS\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Orlando Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/ZC0BS\/1\/\" height=\"576\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Through May, both transaction activity and deliveries decelerated, mainly due to worsening lending conditions. Multifamily sales totaled only $515 million, a sixth of the deal volume recorded over the same period in 2022. Developers brought 3,016 units online, well below the 4,226 units that were added to the metro\u2019s stock in the first five months of the previous year.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4205-MatrixMultifamilyOrlandoReport-July2023\" target=\"_blank\" rel=\"noopener\"><strong>Matrix Multifamily Orlando Report-July 2023<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Central Florida Holds Steady The multifamily market in Orlando continues to stabilize, with fundamentals still sound, due to steady demographic and employment growth. As of May, the average rent was $1,827, with rates plateauing on a trailing three-month basis, while U.S. figures improved by 0.3%, to $1,716. Year-over-year, rents grew by just 0.9%, well below [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[475,467],"class_list":["post-6144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2023","tag-orlando"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Orlando Multifamily Market Report \u2013 July 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Rent growth remained flat on a T3 basis through May, while occupancy slowed slightly to 95% as of April, Yardi Matrix reports.\" \/>\n<meta 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