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Market Report

Orlando Multifamily Investment Forecast

2022 Outlook

Vacancy Moving Toward Record Low As Corporate Relocations Stoke Demand

Construction activity tempers despite a rise in rental demand. Vigorous job growth and in-migration trends are fueling record levels of demand in Orlando's multifamily sector. Amid the largest supply wave in over two decades, renters absorbed over 18,000 units last year, slicing metrowide vacancy to the lowest level in over 20 years. Rental demand is expected to remain elevated in 2022, as population growth and household formation nearly triple the national rate. Additionally, the market's growing talent pool and the state of Florida's business-friendly tax rates continue to attract corporate relocations and expansions. Disney, KPMG, and InnovaCare Health are a few notable firms that recently announced plans to expand or move to the metro. Demographic growth across the region prompted developers to increase construction activity over of the past five years. The supply wave, however, is moderating, with deliveries projected to decline this year. Reduced supply pressure coupled with favorable demand drivers will continue to tighten apartment fundamentals in 2022.
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