Tuesday, May 09, 2006

Orlando Rentals Tight Market

The number of vacant apartments shrank to 5,041 the lowest since 1998 according to a March survey. It is common to be on 3 month waiting list. This is due to the 7,700 condo conversion already developed and there are signs the trend will continue. Another problem contributing to the shortage is the lack of new construction of the apartments, with rising costs, zoning restriction, causing short supply. Historically rents rise 3 to 4 percent per year, but rent is expected to rise up 10 percent in the next few years.