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Market Report

Orlando Multifamily Market Report

2Q 2023

Orlando Solidly-Positioned to Weather New Supply as
Standout In-Migration Provides Momentum

Robust household formation guides metro through flux period. Far from March 2022’s low, vacancy has more than doubled over the past 12 months. Up to 5.2 percent in April, further rises are likely, as the metro welcomes a record volume of deliveries. Supply pressures are exacerbated as cornerstone employers, such as Disney, commence with large-scale layoffs and soften the near-term employment outlook. Despite such headwinds, household gains remain strong. As of April, the metro was on pace to add a net of over 49,000 new residents this year, stoking a 2.5 percent household expansion — one of the fastest paces among major markets. This should backstop property performance during this transitional period. Orlando will have the strongest age 20 to 34 population gain among major Florida metros, a potential driver of near-term apartment demand as this group typically falls into the renter pool. 
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