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.