Jul
19

Orlando renters give market a B grade overall

Metro Orlando’s apartment rents continue to trend upward and renters appear to be satisfied overall with the market, according to the October report from Apartment List.

Central Florida’s apartment rents grew 3.1 percent year-over-year — to a median one-bedroom monthly rent of $1,030 and two-bedroom monthly rent of $1,200, the report showed. Orlando’s growth rate was fifth-fastest among the Sunshine State’s major metro areas, behind Tampa (4 percent), Pembroke Pines (3.6 percent), Cape Coral (3.6 person) and Fort Lauderdale (3.3 percent), San Francisco-based Apartment List’s report showed.

Apartment List also released the results of its second annual renter satisfaction survey. The region did well on weather, taxes and recreational activities, but not as strong on commute time, public transit and schools quality.

Here’s what Orlando renters had to say:

Overall satisfaction: B
Safety and crime rate: B-
Jobs and career opportunities: B
Recreational activities: B+
Affordability: B
Quality of schools: C+
Weather: A-
Commute time: C
State and local taxes: A-
Public transit: C+
Pet-friendliness: B-
The survey compiled responses from more 30,000 renters of the 105 million American renters nationwide.

Meanwhile, Zillow reported that Central Florida rents are forecast to go up by about 3.4 percent in the next year, a faster pace than the nation’s anticipated 1.7 percent, as previously reported by Orlando Business Journal.

Growing apartment rental rates provide incentive for real estate investors to buy existing apartment complexes, helping bring more capital to the region and sometimes offering construction and vendors opportunities to renovate and upgrade older apartment complexes. Meanwhile, the survey provides insight into what cities, states and even apartment landlords can do to improve properties and the markets for these renters.

Be sure to come back to OrlandoBusinessJournal.com for more.