ORANGE COUNTY, FL QUARTERLY RENTAL REPORT QUARTER 2 2023 August 16, 2023 Compliments of Evan Caulfield 407.432.9767 Evan@stockworth.com 10070 Covered Moss Drive Orlando, FL 32819 5 Bedrooms | 5 Baths | 4,325 SQFT 817 Lake Marion Drive Altamonte Springs, FL 32701 4 Bedrooms | 2 Baths | 2,428 SQFT
$9,000/month $TBD/month
Active Number of Listings Rental Price Days to Lease 2023 Rent Prices 14 Days $2,600 Month $2,350 Month 3,627 Listings 2,544 Listings 4,045 Listings 2,371 Listings 5,200 Listings $2,450 Month $2,600 Month $2,603 Month $2,650 Month 21 Days 7 Day Increase 70.6% Increase
Evan Caulfield Listing Agent
Evan Caulfield Listing Agent
RENTAL MARKET IN CENTRAL FLORIDA! WE’RE STILL #1, BUT...
ORANGE COUNTY, FL Q2 RENTAL REPORT
By Evan Caulfield, Stockworth Management
The Florida and Orlando markets are some of the most promising growth areas in the nation, but there are some serious pitfalls you need to be aware of. Orange County, Florida rental prices have remained flat from 2022 to 2023. The culprit? Inventory. When comparing inventory levels in Quarter 2 of 2022 to 2023, inventory has skyrocketed by 70%, which doesn’t even include multifamily units. Although these figures may cause concern, rental listings are actually back to normal pre-pandemic levels.
This increase in inventory could signal a stagnant period in the rental market. Although comparable rentals vary depending on the area, major price increases will be more challenging to justify when considering lower-priced competition. Now more than ever, it is important to factor comparable rental rates within any area and price accordingly to avoid prolonged vacancy periods.
The good news is people continue to flock to both the state of Florida and the Central Florida region. According to the U.S. Census Bureau, the state of Florida ranks first in total net in-migration. Out of the many Florida markets, Orlando was the fastest-
growing by population between 2021 and 2022. Furthermore, home value remains at an all-time high. Median home values in Orange County are currently $410,000, up 4.8% compared to 2022 and 52% from 2018.
Regardless of market conditions, our team is tracking the market daily to provide you with the best strategies for your rental portfolio. Whether you are buying, renting, or selling, Stockworth is here to help you navigate the market and achieve a measurable advantage.
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
Evan Caulfield
Management, Director of Operations
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