By submarkets, south Orlando led with a 95.2 occupancy level despite checking in with 3,300 new units, the largest volume of all submarkets. Sluggish submarkets were Winter Park-Maitland, 91.5% and Winter Springs-Casselberry, 91.6%.

Product under way at the end of the fourth quarter totaled 10,053 units versus 14,600 units at yearend 1999. The bulk of the new construction is in the pipeline for north/east Seminole County, southwest Orange County and east Orange County. Rents, however, are a different story.

"While Orlando recorded impressive apartment demand, the metro area was one of the country's weaker performers for rent growth," Willett tells GlobeSt.com. On average, existing properties registered rent increases of just 2.5% during calendar 2000, "well below general consumer price inflation," Willett says.

Monthly rents averaged $697 in December. Top rents averaging $864 per month were posted in the Winter Park-Maitland submarket on properties built in the last 10 years.

Rent spikes were avoided because of "Orlando's aggressive building program resulting in widespread availability of desirable apartment product, and the competition from so many new properties in leaseup," Willett says. These factors "helped keep rents at comparatively affordable levels."

Near-record employment growth and "the resulting substantial new household formation boosted overall housing demand in Orlando" in 2000, the researcher says. "Apartments captured much of that general demand for housing when rising home purchase costs raised affordability challenges for some households."