Tuesday, July 16, 2013

For Investors, Not Enough Properties to Go Around in Orlando, FL Market


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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