ORANGE COUNTY, FL QUARTERLY RENTAL REPORT
Q1 2022: 2,360 Q1 2023: 3,892 +65% in Active Listings
Median Days to Lease (Orange County, FL) 2022: 14 Days
2023: 22 Days
+57% in Median Days to Lease
QUARTER 1 2023 May 3, 2023 MEDIAN SALE PRICE & PRICE PER SQFT (PPSFT) 2018 - 2023 2018 $255,000 $148 PPSFT $156 PPSFT $168 PPSFT $206 PPSFT $236 PPSFT $244 PPSFT 2019 $270,000 2020 $297,500 2021 $340,000 2022 $391,443 2023 $400,000
FL)
Active Number of Listings (Orange County,
MLS RESEARCH MEDIAN RENTAL PRICE 2018 - 2023 MONTHLY RENT 2018 2019 2020 2021 2022 2023 $2,350 $2,350 $2,450 $2,600 $2,600 $2,325 Compliments of Evan Caulfield 407.432.9767 Evan@stockworth.com MEDIAN SALE PRICE
ORANGE COUNTY, FL QUARTERLY RENTAL REPORT
By Evan Caulfield, Stockworth Management
Sale Overview
As National real estate values decline, Central Florida has prevailed as one of the top markets in the United States. Unlike other areas such as San Francisco, Las Vegas, and Austin, which have seen median home prices drop as high as 13%, Orlando continues to benefit from consistent inbound migration and job growth. Over 1,000 people are moving to the area weekly, mainly from the western/ northeastern United States and overseas. As a result, the sold price per square foot in Orange County, Florida, has remained relatively consistent from $236 in 2022 to $244 in 2023.
Rental Overview
One cause for concern is the single-family and multi-family rental inventory within Orange County. Active rental listings in the county increased 65% from Q1 to the start of Q2 2023. In addition, multifamily units under construction jumped 49% from 2021 to 2022. As a result, median vacancy rates have climbed from 14 to 22 days over the last year, signaling more competition and longer time on the market. It’s important to note that despite the jump in vacancies, we’re within the same levels from 2013
to 2020. Lastly, the absorption rate or total leased units has increased by 32% in Q1 2023, an indication that demand remains strong, as supply comes into balance.
Conclusion
Despite rising inventory, Central Florida rental values have held up well. Median rental prices remain at $2,600 in 2023, as they were in 2022. Although it’s yet to be determined, 2023 rental prices may stay flat due to the incoming supply from residential and multi-family developers. Provided inbound migration matches the new properties available, it’s likely that we continue to see a relatively stable market as we head into Q2.
Disclaimer: All investment strategies and investments involve risk of loss. Nothing contained in this article should be construed as investment advice.
Sources: Stellar-MLS, SmartAsset, RentCafe, US Census Bureau, Orlando Economic Partnership, Fannie Mae, Freddie MAC, Orlando Regional Realtor Association
© 2023 Stockworth Realty Group LLC. All Rights Reserved. Stockworth™ is a registered trademark licensed to Stockworth Realty Group LLC. An Equal Opportunity Company. Equal Housing Opportunity. IF YOU NEED ANY HELP WITH YOUR INVESTMENT PROPERTY GIVE US A CALL! 407.432.9767 Evan Caulfield Stockworth Management, Director of Operations
