Orlando at historically low vacancy rates, rents up 5% YoY

[Andrew Ashby]

I wanted to take a minute to highlight some of the market data that we should all be watching in Orlando right now. According to a recent multi-family market report from Marcus & Millichap, rents in the Orlando Metro Area are up 5% over the last four quarters alone (with some submarkets reaching more than 8%). The area has added over 400,000 residents in the last five years and vacancy rates are at historic lows around 3%. Average rent in the metro area is now at $1,115 per month. Orlando is showing a 3.6% job growth rate year over year, which is double that of the national rate. According to Florida Realtors, the Orlando MSA has seen a 7.2% increase in single family home sales volume and a 9.3% increase in median sales price year over year.