Marcus & Millichap

Orlando Multifamily Investment Forecast

2019 Outlook

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Orlando’s Tight Vacancy and Robust Rent Growth Produce One of the Strongest Rental Markets in U.S.

Dynamic employment growth and favorable quality of life are a boon to the rental market. Job gains more than triple the national level amid tight unemployment are producing significant migration into the metro and generating a surge in housing need. Nearly 65,900 new residents will reside in Orlando during 2019, boosting rental demand. Even though apartment completions will hover near the five-year average, demand will outpace new inventory this year, tightening vacancy to one of the lowest rates in the nation. Deliveries will be widespread with nearly every submarket receiving new units. Many of the projects are mixed-use apartment buildings with ground-floor retail in walkable neighborhoods favored by young renters. As vacancy tightens and additional units are placed into service during 2019, the average effective rent will jump more than 7 percent for a third consecutive year, one of the highest growth rates in the U.S.

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