Marcus & Millichap Gives Apartment Market Thumbs Down; CBRE, Thumbs Up

ORLANDO-At 91.8% occupancy among its 132,000 apartment units, metro Orlando’s multifamily market appears to be in fair shape.

Maybe, says a new report from the Orlando office of CB Richard Ellis Inc. And maybe not, says a similar study from the Tampa-Orlando offices of Marcus & Millichap Real Estate Investment Brokerage Co.

In Orlando, Steven M. Ekovich, first vice president/regional manager, M&M’s Tampa-Orlando offices, predicts new apartment construction will be down across the region; vacancy rates will climb moderately; concessions, including free rent, will increase; and new jobs will total only 26,000 or a 1% gain over the next 12 months.