To rank the most in-demand rental markets in the first part of 2022, we turned to Yardi data and analyzed the largest 100 metro areas based on occupancy rates, the number of renters applying for an available unit, vacancy days, the percentage of renewed leases, and the share of new apartments completed.
Here are the highlights for Orlando:
- In the first part of the year, only a quarter of renters decided to move into a new apartment, as 73% of Orlando’s apartment-dwellers chose to stay put and renew their leases.
- Despite an increase of 1.5% in the total number of apartments compared to the end of 2021, Orlando is far from meeting the growing demand for housing.
- As a result, for every vacant apartment in the city, there were, on average, 22 applicants. The competition was even fiercer in other Florida markets, like Miami-Dade County, where 31 renters applied for one available unit.
- On average, it took only 30 days for a vacant apartment in Orlando to be rented out. With occupancy rates at 97%, prospective renters had limited housing options in this bustling market.
- Nationwide, occupancy rates reached 95.5%. On average, vacant apartments stayed on the market for 35 days and the number of prospective renters applying for one available unit was 14. More so, 61.7% of renters renewed their leases in the first part of the year.
The housing market is sizzling throughout the entire U.S., but Florida is the nation’s most competitive region when it comes to renting, with five metros occupying the top 20 spots in our ranking — Miami-Dade, Orlando, Southwest Florida, Broward County and Tampa. In addition, more and more house hunters are starting to feel the strain of surging inflation and mortgage rates. As a result, they are delaying or completely giving up on their dream to become homeowners, which puts even more pressure on the apartment market.
For more information about the most competitive rental markets in the U.S., you can read the full report here: https://www.rentcafe.com/blog/rental-market/market-snapshots/most-competitive-rental-markets-2022/.
