Today we’re providing an overview of the market forecast for rental homes in Orlando in 2015. As we’ve seen in the past several years, inventory has been low and demand has been high. This has been great news for investors.
Additional good news for investors and rental property owners is that rental prices are going up. Rental rates are running at a three percent increase on average for lease renewals and as high as six to nine percent for new tenants.
The condo market, unfortunately, will probably start to level out as we get further into the year. With the high number of multi-level apartment buildings coming into our area, competition for tenants has increased. Those buildings are offering incentives such as a first month’s free rent, low security deposits and other move in specials which makes the condo market less attractive to many tenants, especially as compared to the single family market.
If you’d like more information about where we expect the rental market to go and how we think it will perform, please feel free to contact us at Re/Max 200 Realty Property Management Division.