Orlando Multifamily Market Report
2024 Investment Forecast
The Metro Claims Florida’s Fastest Pace of Household Formation,
Backstopping Apartment Demand
Regional affordability aids long-term outlook. Incoming supply will place upward pressure on Orlando’s vacancy rate this year, pushing the metric to the highest level observed since 2012. Still, several favorable tailwinds will backstop apartment demand in the long-run as supply and demand realign. In 2024, the metro will claim the fastest rate of household growth among major Florida markets at 2.3 percent, and the median single-family home price in Orlando has risen by over 50 percent since 2019, putting homeownership out of reach for more individuals. As such, many new households will funnel into the renter pool, enabling the total occupied apartment stock to reach an all-time high by year-end. The market’s favorable demographics are unlikely to subside going forward as regional affordability buoys metro in-migration, facilitating additional demand. Orlando entered 2024 with the second-lowest mean rent among major Florida markets, making it an appealing option for those relocating to the state, particularly retirees on a budget.