Strong rent growth and climbing price per unit create a prime market for investors in the Greater Orlando area
With the 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 start of 2022 in the Central Florida multifamily market below:
What’s the current state of the Central Florida multifamily market?
After closing out the first quarter of 2022, our team of multifamily investment advisors compiled the most pertinent facts on the current state of the Central Florida market that investors should be aware of:
- Total 5-150 Unit Properties in the Market: 2,068
- Total Volume Transacted in Q1 2022: $125M
- Total Properties Transacted in Q1 2022: 30
- *Average Price Per Unit: $125,189
- Total Properties Transacted in Q1 2021: 44
- Total Properties Transacted in 2021: 199
- Population Growth: ↑ 1.21%
- Job Growth: ↑ 9.9%
- Rent Growth: ↑ 24.6%
*Includes Orange, Brevard, Lake, Osceola, Polk, Volusia, and Seminole Counties
It’s important to note that in Q1 of 2022, there was a pullback of about 40% of the number of transactions when compared to Q1 of 2021. The reason for this is because many deals were pushed forward into Q1 2021 from 2020 that gave it a much higher percentage than you would typically see in the first quarter of the year.
Why should I invest in Central Florida?
The main reason to invest in the Central Florida market is rent growth:
- Average asking rent: $1,739
- Average effective rent: $1,732.
“With the minimal difference between asking and effective rents, concessions being offered to new tenants coming in the door are incredibly small which is a good sign for investors,” explains Joe LaFleur, founder and multifamily investment advisor at 100Units. “Additionally, the effective rent in Central Florida is significantly higher than the average national asking rent of $1,586.”
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Source: All facts and statistics are courtesy of CoStar.