Friday, December 18, 2009
Long Term Rental Rates Down
As a result of affordable housing and buyer incentives, there are more buyers in the market place creating less demand for rentals. And with Orlando unemployment rate at 11.4% has also caused a reduction in demand for rentals. Construction and building permits for apartments has slowed down. Central Florida rental vacancy is up to 15%. Collectively, these issues has caused rents to be on the steady decline. Nationally, the vacancy rate has been rising with projection to reach 7.3% by end of 2009. 2010 is expected to have a stronger performance.