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First-Half Apartment Market Softens as Occupancy Drops But Rents Rise

ORLANDO-For the first time since the mid-1990s, supply is outpacing demand in metro Orlando's multi-housing market. Six-month vacancies in the 117,000-unit market are at 6.5%, up from 4.7% at yearend 1999. Monthly rents average $693 per unit, up 2.7% from $675 per unit.

By Alex Finkelstein | Updated on August 23, 2000

Metro Orlando’s 117,000-unit multi-housing market is softening for the first time since the mid-1990s as supply outpaces demand, according to a new first-half CB Richard Ellis Inc. analysis.

Occupancy is at 95.3%, up from 93.7% at yearend 1999. A total 5,600 units were delivered with about 3,460 getting rented.

The picture for the rest of the year doesn’t get rosier. “Although the long-term outlook for the market here is excellent, I wouldn’t be surprised if we dropped below 90% (occupancy) at the end of the year,” Robert W. Miller, First Vice President of CB Richard Ellis’ Multi-Housing Properties Group, tells GlobeSt.com.

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