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| Fountains at Lake Eola Park, Downtown Orlando, FL |
ORLANDO, FL – Marcus & Millichap Real Estate Services
reports a slowdown in hiring in the first half of 2013 does not significantly
dim a positive outlook for the Orlando apartment sector over the remainder of
the year.
Despite subdued job creation, additions to payrolls over the
past three years restored roughly 60 percent of the jobs lost during the
recession, far exceeding the statewide recovery of 40 percent.
Newly employed residents are driving a vigorous apartment
sector, creating sufficient new demand to slash vacancy to less than half the
peak level recorded during the downturn.
The improving job market is also fueling a resurgence in
home building and single-family home sales across the metro. Intense bidding
among prospective home buyers for limited listings and high down payment
hurdles, however, preclude many renters from making the leap to homeownership.
Meanwhile, new apartment construction will help meet demand
from newly formed households that are selecting rental housing as their
residence of choice.
Projects delivered in the first quarter this year were well
received, as vacancy declined during the period. Job growth, however, must
accelerate from its current pace in order to generate demand sufficient to
absorb new units coming online after 2013.
For a complete
copy of the company’s news release, please contact:
Gina Relva
Public Relations
Manager
Marcus &
Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
(925) 953-1700 ext.
1716
(510) 999-1284 mobile
(925) 953-1710 fax
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