Monday, September 11, 2006

Orlando Apartments a Difficult Find

Orlando occupancy rates of 97.5% the highest since 1987 combined with rising rent prices are causing difficulty in finding affordable apartments. Orlando ranked 8th in the nation for increased rent prices by 7.7% in past year. Short supply of apartments has occurred as because of the condo conversions (converting apartments to condos). Orlando has been the second leader in nation for condo conversions. New supply of apartment complexes will be built, but not fast enough because of rising construction costs and opposing from residential areas. Rent prices are starting to stablize. With low employment rate, generation of jobs, continue to draw people to the region.