Orlando has one of the most dynamic economies in the Southeast, fueled by steady in-migration and a fast pace of population growth. Its economy benefits from its growing roster of tech and fintech tenants and its established and expanding defense sector, as well as the presence of its world-renowned theme parks.
Renter demand in Orlando was relatively weak during the second half of 2022 due in part to the combined impact of high inflation, concerns regarding job security, and the lingering impact of the recent spike in rent growth. Demand picked up beginning in Q1 2023 but is expected to remain below the pace of new deliveries through next year, although the gap between supply and demand will begin to narrow in early 2024.
Key economic indicators show strength even as the market contends with elevated housing costs coupled with a median income well below the national average that has created a significant affordability gap for many.