{"id":1004188691,"date":"2017-08-31T06:16:19","date_gmt":"2017-08-31T14:16:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004188691"},"modified":"2025-02-26T02:46:53","modified_gmt":"2025-02-26T10:46:53","slug":"demand-creeps-ahead-of-supply-in-orlando","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/demand-creeps-ahead-of-supply-in-orlando\/","title":{"rendered":"Tourism\u2019s Power a Draw in Orlando"},"content":{"rendered":"<p>By Robert Demeter<\/p>\n<div id=\"attachment_1004188694\" style=\"width: 410px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/chart.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004188694\" data-attachment-id=\"1004188694\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/demand-creeps-ahead-of-supply-in-orlando\/chart-14\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/chart.jpg\" data-orig-size=\"1007,433\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Orlando rent evolution, click to enlarge\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Orlando rent evolution, click to enlarge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/chart.jpg?w=1007\" class=\"wp-image-1004188694\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/chart.jpg\" alt=\"Orlando rent evolution, click to enlarge\" width=\"400\" height=\"172\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/chart.jpg 1007w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/chart.jpg?resize=300,129 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/chart.jpg?resize=768,330 768w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><p id=\"caption-attachment-1004188694\" class=\"wp-caption-text\">Orlando rent evolution, click to enlarge<\/p><\/div>\n<p>Orlando\u2019s multifamily market is thriving due to healthy tourism, above-trend population gains and a rapidly growing economy. An expanding young workforce\u2014drawn by the area\u2019s high quality of life and live-work-play options\u2014is fueling demand. As of June, the average rent was $1,222, trailing the U.S. average.<\/p>\n<p>The metro is one of the fastest-growing employment markets in the country, adding 54,500 jobs year-over-year through May. Hospitality remains the city\u2019s main economic pillar, with professional and business services and trade and transportation also adding a significant number of jobs. The three sectors generated almost 50\u00a0percent of the metro\u2019s job growth. Construction is also booming, as a high number of infrastructure projects are underway, including the $2.3 billion overhaul of Interstate 4 and a new $1.3 billion train station.<\/p>\n<p>New supply is growing fast to meet demand. More than 5,000 apartment units are slated for delivery by year-end, and 37,000 units are in the pipeline. However, with limited completions in the first half of the year, demand remains ahead of supply. There is also a shortage of affordable units, a growing concern for lower-paid workers, which represent the bulk of the workforce. As overall growth will continue to foster demand for the rest of 2017, Yardi Matrix expects a rent increase of 4.2\u00a0percent by year-end.<\/p>\n<p><em>Read the full <a href=\"https:\/\/www.yardimatrix.com\/Media\/Downloads\/File\/283-Orlando-Summer2017Outlook?utm_medium=Research-Center&amp;utm_source=CPE&amp;utm_campaign=283-Orlando-Summer2017Outlook\" target=\"_blank\" rel=\"noopener noreferrer\">Yardi Matrix report<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The metro is one of the fastest-growing employment markets in the country. An expanding young workforce\u2014drawn by the area\u2019s high quality of life and live-work-play options\u2014is fueling demand.<\/p>\n","protected":false},"author":49,"featured_media":1004188693,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742,1493],"tags":[32785],"class_list":["post-1004188691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest","category-orlando","tag-yardi-matrix"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tourism\u2019s Power a Draw in Orlando - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/demand-creeps-ahead-of-supply-in-orlando\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tourism\u2019s Power a Draw in Orlando\" \/>\n<meta property=\"og:description\" content=\"The metro is one of the fastest-growing employment markets in the country. 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Her work has been cited by CBS News, Curbed, The Los Angeles Times, and Forbes among others. With an academic background in journalism, Eliza has been covering real estate since 2012. Before joining PropertyShark, Eliza was an associate editor at Multi-Housing News and Commercial Property Executive. She has also contributed extensively to CommercialEdge. 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