{"id":7266,"date":"2024-01-23T06:06:00","date_gmt":"2024-01-23T06:06:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7266"},"modified":"2024-04-12T06:29:35","modified_gmt":"2024-04-12T06:29:35","slug":"orlando-multifamily-market-report-dec-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/orlando-multifamily-market-report-dec-2023\/","title":{"rendered":"Orlando Multifamily Market Report \u2013 December 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>Orlando Fundamentals A Mixed Bag<\/h2>\n<p>After stabilizing during the first half of the year, Orlando\u2019s 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\u2019s average rate was $1,788, <a href=\"\/blog\/national-multifamily-market-report-december-2023\/\"><strong>some $70 above the U.S. figure<\/strong><\/a>. 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.<\/p>\n<p><iframe id=\"datawrapper-chart-IUhaf\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Orlando vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/IUhaf\/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>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\u2019s 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.<\/p>\n<p><iframe id=\"datawrapper-chart-U33At\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Orlando Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/U33At\/1\/\" height=\"423\" 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 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.<\/p>\n<p>Read the full <a href=\"\/publications\/download\/file\/4922-MatrixMultifamilyOrlandoReport-December2023\"><strong>Matrix Multifamily Orlando Report-December 2023 <\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Orlando Fundamentals A Mixed Bag After stabilizing during the first half of the year, Orlando\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6739,"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-7266","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 December 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" 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