Apartment Association of Greater Orlando forecasts that rent increases in Central Florida may be at their peak.
According to data covering Orange, Osceola, Lake, Seminole and Volusia counties, a one-bedroom apartment rents on average for $1,606 per month.“Throughout the Central Florida region, the multifamily housing market continues to feel the pressure of demand far outpacing supply,” the study stated.In Central Florida, the vacancy rate averages 4.1%, similar to what is seen across the nation.According to iPropertyManagement, national vacancy rates dropped 13.9% to 5.6% in the last year.As a result, there are fewer units available for rent while demand increases.In turn, rent prices are on the rise.“I think there will be a slowdown,” Monica Ramsey, executive vice president of the Apartment Association of Greater Orlando, said.“I’m not sure if (rent prices) will go back to how they were before, but I think they will stabilize, and I think within the next six-to-twelve months, we should see that stabilization occur.”
According to the organization’s most recent forecast, rent prices will peak during the first quarter of 2022, with price increases diminishing during the summer and fall.According to rent.com, Orlando is among the top-10 cities in the nation in terms of rent price increases.
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