Strong population and job growth cultivate a prime market for investors in Central Florida
With Florida multifamily markets being some of the strongest nationwide, it’s essential for investors to stay aware of the trends in the state’s hottest markets, including Central Florida, Tampa, and Jacksonville.
Join us as we highlight and discuss the essential statistics from the Orlando multifamily market below that we update every quarter:
What’s the current state of the Orlando multifamily real estate market?
Our team of Orlando multifamily brokers compiles the most pertinent facts on the current state of the Orlando market each quarter that investors should be aware of:
- Total 5-150 Unit Properties in the Market: 2,068
- Total Volume Transacted in Q3 2023: $18M
- Total Properties Transacted in Q32023: 4
- *Average Price Per Unit: $121,000
- Total Volume Transacted in Q3 2022: $41M
- Total Properties Transacted in Q32022: 6
- *Average Price Per Unit: $190,000
- Population Growth: 4.1% (National Index: 3.8%)
- Job Growth: 2.7% (National Index: 3.0%)
- Rent Growth: -2.3% (National Index: 1.7%)
*Includes these Submarkets: North Orlando, I Drive Orlando, South Orlando, Southwest Orlando, East Orlando, Downtown Orlando, West Orlando, Lake Nona, Eastside, Windermere, East Outlying, Osceola County
Why should I invest in Orlando?
“The big numbers on the update are population growth, 4.1%. So we are continuing to significantly grow the population in Central Florida. Job growth of 2.7%. Both of these are significantly outpacing the national average,” explains Joe LaFleur, founder and multifamily broker at 100Units.
“As far as transactions, we got one deal out of four done, and 18 million in transactions here in the third quarter. Average price per unit 121,000 per door. The deal we transacted actually beat that at 125,000 per door,” concludes Joe.
Q3 2023 Market Update Video
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Source: All facts and statistics are courtesy of CoStar.