Mirroring national trends, rent price growth in Orlando has slowed following record increases in the previous year. As of Q2 2023, new lease rents recorded year-over-year growth of 1.9%, a figure that falls below the market’s five-year average of 7.4%. Despite this deceleration, Orlando’s rental price performance remains consistent with many other sunbelt markets. With an average monthly rental rate of $1,824, Orlando offers a more affordable living option compared to South Florida, enhancing its attractiveness for individuals migrating to the state.
In terms of property classes, Class C units led with a healthy gain of 3.7%. Class A units followed closely with a 2.7% increase, while Class B units trailed at 0.8%. Two submarkets, North Lake County and Northwest Orlando, stood out with robust year-over-year rent gains of 6.8% and 5.1% respectively by the end of Q2 2023.