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Market Report

Orlando Multifamily Market Report

3Q 2022

Orlando Among U.S. Leaders in Rent Gains;
Growth Prospects Spur a Flurry of New Builds

Developers show confidence in Orlando. Similar to many major markets across the nation, multifamily performance in Orlando softened slightly in the second quarter. However, apartment demand is still strong by historical standards, as renters absorbed more than 10,300 units over the trailing 12-month period ending in June. Vacancy contracted 110 basis points during this span to 2.8 percent, the second-lowest rate among major Florida markets. Responding to these tight conditions, developers broke ground on more than 20 new projects during the first half, lifting the active pipeline to nearly 24,000 units as of July. This delivery pace may place upward pressure on availability over the near term. Nevertheless, a rate of household formation nearly three times the national average and a projected increase of more than 230,000 new residents over the next five years suggests renter demand will remain elevated in Orlando.
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