CENTRAL FLORIDA MULTIFAMILY EXPECTED TO SEE RISING RENTS AND STRONG MARKET FUNDAMENTALS
Franklin Street’s Q3-21 report on the Central Florida multifamily market, spanning from Tampa Bay on the west through the Orlando area to the Space Coast on the east, explores key market indicators from demographic trends to rent growth to investment sales activity. The report also offers exclusive insight and predictions from Franklin Street’s local experts on what can be expected from the market going forward.
- As sunbelt migration has continued, the Central Florida multifamily market has experienced increases in market rents and population.
- Of the 13 counties that represent Central Florida, the average YoY rent growth for Q3 2021 was 14.01%. Q1, Q2, and Q3 of 2021 have represented both the highest consecutive quarterly YoY rent growth and the highest rent growths in the past decade.
- Across Central Florida, the Tampa Bay market contributed the most to total sales volume. The Orlando market saw the second highest sales volume, which was largely dominated by Class B multifamily transactions.
- Franklin Street predicts that the Space Coast of Florida will be an opportunistic investment opportunity. Melbourne, located in Brevard County, displayed the best market measurements across all counties listed in this Central Florida report. Daytona Beach and Lakeland will also be solid markets for investors to own and operate.