Orlando is Florida’s most-popular rental city

Along with its amusement parks and sunny skies, Orlando is a renter’s paradise.

Among the 150 largest U.S. cities, the City Beautiful ranked No. 7 for most popular rental markets in January with a score of 78, the Orlando Business Journal reported, citing RentCafe. 

Orlando had the highest ranking in Florida. Fort Lauderdale followed at No. 20. Miami placed No. 52 on the list, and Tampa Bay ranked 81st.

RentCafe based its rankings on the rate of available units, page views of rental listings in the city, user favorites of rental listings and saved searches by users at the city level.

Although Orlando saw a 6 percent year-over-year increase in page views, there was also a 21 percent decline in available units. User favorites and saved searches also fell by 34 and 36 percent, respectively.

The city’s appeal lies in its blend of affordability, job opportunities and leisure activities, attracting renters seeking a subtropical lifestyle. Notably, out-of-market interest in Orlando rentals was strong from users in Miami and Atlanta.

While Orlando performed well in saved searches relative to other cities, real estate experts caution that a potential apartment shortage looms. Despite record-high apartment deliveries in 2023, macroeconomic factors like high interest rates and construction costs have slowed development, mirroring a nationwide trend. 

“What we’re tracking for 2024 is at least a 35 percent reduction of units delivering this year compared to last year — and then next year, that incoming supply number drops off by another 30-35 percent,” Scott Ramey of Newmark’s Multifamily Capital Markets team in Orlando, told the outlet. 

—Quinn Donoghue

Read more

National

Surf park project picks up steam in Orlando

National

Emerson begins luxury apartment project in north Orlando suburb

National

Infinity Properties makes $43M industrial play in Orlando suburbs