Construction and Tourism Jobs Create Strong Rental Demand in Booming Orlando Economy
A combination of stellar job growth and developing infrastructure have resulted in strong rental demand across the Orlando metro. To support the record-setting 66 million tourists that came to Orlando in 2015, 14,300 new leisure and hospitality jobs were filled. Many of these positions are lower-paying jobs that preclude homeownership, supporting rental demand. Additionally, the expansion of the SunRail train eases commutes for renters living in the outer suburbs of Kissimmee, Poinciana, and DeLand. The metro area’s job growth has spurred a 25 percent year-over-year increase in permits for single-family properties. However, multifamily permitting decreased 11 percent after six years of steady growth, which will begin to nullify competition for SFR operators in the coming months. Metrowide vacancy has declined over the past several years while the region’s population grew 11.8 percent. That improvement is anticipated to continue through the end of the year[…]
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