Orlando Area Renters Can Expect Rate Increases Of 48 Percent This Year

Dated: 02/19/2017

Views: 1083

This is the truth about renting in Orlando Florida

With jobs in tourism, services and health care expected to continue growing, so will rental rates, said Shelton Granade, vice chairman of CBRE in Orlando.

The average rent for Orange, Seminole, Osceola and Lake counties during the third quarter was $1,175, according to CBRE.

The priciest spots? Near the University of Central Florida and Oviedo, where apartments, often rented by the room, average more than $1,600 monthly. Units are typically shared by as many as four students. Next to that, downtown Orlando, Celebration, Lake Buena Vista and Lake Nona set the highest marks for rent prices.

Baldwin Harbor, with its two resort-style pools, a designer fitness center and marketing materials laden with attractive models, recently added 483 apartments in the heart of Baldwin Park, with rates from $1,300 for one bedroom to $3,660 for three bedrooms. Elsewhere, the Lake Bryan area south of Orlando Vineland Premium Outlets is poised for about 1,200 new apartments; Lake Buena Vista, 604; and Lake Nona, about 600, according to Yardi Matrix.

Orlando ranked as the 35th most expensive rental market in the nation in December of 2016, according to a new report by analytics firm Zumper. Rents for one-bedroom units in the Orlando area stayed flat at about $1,000 from November, while two bedrooms held at $1,200, the research group reported. This is without taking on account the lack of inventory and hassle to get an application accepted by the owner.

"It is clear that rents are in a period of deceleration after growing at high levels for the previous two years," the Yardi report stated. "We do expect rent growth to continue moderating during the first half of the year, as a large amount of new supply comes online and apartment owners must compete to maintain high occupancy levels."

 In the bright side take a look at these 5 financial Reasons to Buy a home. Click the picture to start  the search of your dream home.  

5 Financial Reasons to Buy


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