ORLANDO, Fla. — Orlando’s rent prices are once again hitting records, fueled by a never-ending stream of young adults moving to Central Florida, a new study found.
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A team of analysts from StorageCafe combed through millions of rental applications, ranking Orlando as the #3 city to move to, behind a few Dallas suburbs. More than eight out of 10 applications came from outside the metro area, they said.
The most common origin areas: Miami, Polk County, New York and Philadelphia. Almost three-quarters of the applicants were Millenials and Gen Z-ers.
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Rent around the Conway/Belle Isle ZIP codes is rising faster than most, which came as no surprise to longtime realtor Jane Slone, owner of Conway Realty.
“It’s just a super location with what the majority of Orlando lacks: great neighborhoods with neighbors that really care and check in on you,” she said, adding proximity to the airport and good schools into her reasoning.
She said many older, longtime residents of the area were leasing their homes instead of selling them, gaining tenants who do not want to look anywhere else and can’t find a place to buy. Rents, she said, were up 25% on the properties she manages. Ninety homes were on the market in the ZIP code instead of the normal 2,500, she said.
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She said the last property she listed received 30 offers.
“Definitely do not shatter your dreams,” Slone advised. “Hang in there, rent if you have to, and wait for the Conway home to come up. The market will change.”
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