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Market Report

Orlando Multifamily Market Report

2Q 2022

Orlando Remains One of the Most Sought After Relocation Destinations, Bolstering Renter Demand

Sun Belt migration benefits Orlando. Fueled in large part by robust in-migration to the region, demand drivers in Orlando’s multifamily sector have never been stronger. Renters absorbed over 16,000 units during the past 12 months ending in March, more than double the previous record high. Availability fell 290 basis points during that span amid the market’s largest supply wave in more than 20 years. Renter demand is widespread, with all 15 of the metro’s submarkets recording rent growth of at least 18 percent over the past four quarters. Looking ahead, there is little reason to expect demand will slow in the near term, even as rent growth remains in double digits. Orlando will outpace most major metros in job growth this year, and in-migration is projected to accelerate even further during the next five years, suggesting tight conditions will remain for the foreseeable future.
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