Santa Barbara, CA -- RENTCafé’s Apartment Construction Report is out with the latest data on multifamily development.
Nationwide, apartment construction is in its second consecutive
year of decline after peaking in 2018. This year, an estimated 283,000 new
units are expected to hit the market, 12% less than in 2019, according to Daniel Coste, Communications
Specialist at RENTCafé.
Orlando Metro highlights:
- Orlando Metro area is
set to see an 18% drop in apartment construction compared to last year. It’s
one of the thirteen major metros that witness decreases in apartment
development.
-
- 5,617 new units are
projected to be completed by the end of the year, with the metro
ranking 16th nationally. Last year, 6,856 apartments were built in the
area.
-
- 1,292 new units have
already been completed in the City of Orlando in the first
half of the year. The city ranks once again in the lower half of the top
—14th out of 20.
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