Bullish Report Sees Recovery Signs

ORLANDO-Citing continuing population growth and a construction slowdown of new product, Apartment Realty Advisors of Boca Raton, FL predicts metro Orlando’s multifamily market should end the year on a positive note, both for property owners and institutional investors.

The 597-property market, comprising 149,477 apartment units in Orange, Seminole, Lake and Osceola counties, is “showing visible signs of recovery in 2003,” Kevin Judd, a principal at Apartment Realty Advisors, says in a memorandum to clients. “Population growth continues to outpace both the state of Florida and the U.S.”

He says expected apartment deliveries this year “have exhibited a dramatic decrease from historic highs.” Occupancies are “trending upward” from lows reached in March 2002. About 77% of the apartment inventory is located in Orange County.