Rents at 2005 Levels

Orlando's multifamily-housing market had a 10 percent vacancy rate in June, up slightly from the end of last year, according to a report by CB Richard Ellis. The average rent for the market through the second quarter was $803, close to 2005 levels, reported M/PF and Torto Wheaton Research. Those rates are expected to remain flat through the end of the year.Most properties are offering a month's free rent to attract tenants, according to the CBRE report.The addition of new apartments is expected to slow further next year, with only 700 units expected to be added in four-county Metro Orlando in 2010. CB Richard Ellis projects an increase of 159,000 jobs in the area during the next five years, which should drive the vacancy rate down to about 3 percent. It also forecasts about a 4 percent annual increase in rents from 2012 until 2014, at which point the average rent would be $933, according to the M/PF and Torto Wheaton summer 2009 report.