Effective rents have climbed only 1% compared to an annual rent change of 2% to 3% since mid-2000. Quoted monthly rents are averaging $721 overall and $793 for units delivered during the past decade, the study shows.
"Most apartment owners and managers have taken a conservative stance when adjusting rents of late," MP/F research director Greg Willett tells GlobeSt.com.
The fairly stable rent picture is expected to hold this year, even as new product surfaces. There are 6,974 new units still under construction. "Orlando is moving back toward the apartment growth levels typical of the late 1990s, after 2000's huge spike in completions," Willett says.
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