The Orlando Metro area will be adding nearly 11,000 apartment units to its competitive rental market by the end of 2024, according to a new report by RentCafé.
The apartment search website’s annual Apartment Construction Report found that Orlando Metro ranks third in the state, expecting 10,732 new rentals (the Miami and Tampa metro areas lead). This comes at a time when hopeful renters have to act on a moment’s notice to move in.
“Orlando is one of the nation’s most competitive rental markets, with 11 prospective renters competing for each vacant unit,” RentCafé Communication Specialist Esther Urmosi said.
The units will be scattered, with 3,449 units in Orlando, 2,679 in Kissimmee, and 1,189 in Winter Garden. Some 700 units will be added to both the Apopka and Ocoee markets, while Clermont and Sanford get about 500 each.
According to the report, by 2028, the metro will have an additional 40,261 units added to the market, a decrease when compared to the last five-year period.
However, Zillow’s Rental Market Report for July found signs of that competitive market cooling. According to the report, an increase in inventory might help restore some balance.
While rent prices are still 1.2% higher than they were last year, Zillow found that one-third of property managers are offering concessions, such as free weeks rent or free parking.
“That’s evidence that the apartment construction boom is helping to rebalance the rental market,” said Tyrone Law, senior public relations specialist at Zillow. “Across the U.S., more new multifamily units were completed in June than in any month in nearly 50 years. Those new apartments are helping cool off rent growth. Property managers are responding by offering concessions to fill empty units.”
Until the market settles, however, experts advise people looking to rent will want to be ready to sign a lease on a moment’s notice. Some tips include having enough money saved up for fees and deposits, getting all necessary documentation ready, ensuring credit and background checks are clear.
Lillian Hernández Caraballo is a Report for America corps member.
