Date:-03-Mar-2010

Orlando Rental Levels Set to Increase

Orlando-area multi-family rents declined last year but are expected to show signs of improvement this year, according to a forecast report by CB Richard Ellis.

Average rents declined from $842 a month to $815 a month during 2009, while average occupancy declined from 91.9 percent to 90.1 percent, with the largest occupancy losses in the first quarter of last year.

Occupancy is forecast to increase 1 percent this year and reach 94.9 percent by 2013. The submarkets with the strongest price and occupancy performance are expected to include Altamonte Springs and Longwood, east Orange County, north and east Seminole County, southwest Orange County, and Winter Springs.

In terms of sales, Central Florida had multi-family propertoy transactions totaling $219 million last year, down 70 percent from 2008. Private-equity groups were the most active buyers. Interest in Orlando increased noticeably during the second half of the year; many offerings generated 20 to 30 offers.

Source: Orlando Sentinal