Orlando has recently been overshadowed by Tampa and Miami, as its southern and western neighbors dominated migration and property performance headlines throughout 2021 and 2022. Orlando performed well during that stretch, however its heavy reliance on tourism and hospitality has led to a more volatile period both from an employment perspective as well as a multifamily perspective.
While most markets set records for rent and occupancy performance in 2021 and 2022, Miami led them all in net effective rent during one of the strongest periods in the history of our industry. However, as demand has cooled nationwide, the south Florida MSA’s rent and occupancy performance has also cooled.
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