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Orlando Apartment Market Still Tepid

ORLANDO-Higher vacancy rates and falling rents hobble Orlando's apartment market in the near term.

By Hortense Leon | Updated on May 24, 2010

ORLANDO-Orlando’s apartment market continues to struggle, with vacancy rates still rising and rents falling, according to Marcus & Millichap’s Market Update on the apartment market for the first quarter 2010.

A number of trends keep the downward momentum going in the Orlando apartment market. Declines in hospitality and leisure employment have negatively impacted Class B and C product, while tenant demand for Class A product has remained relatively strong. Five of Orlando’s 11 submarkets posted vacancy rates of less than 10% in first quarter 2010, though the lower rates may have been achieved through concessions. Still, the fact that there are still many foreclosures in the pipeline, fuels demand for rental apartments.

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