Orlando Occupancy Climbs Ahead of National Norm
Occupancy in Orlando apartments once again ranks above the national norm, after seeing notable recent progress. With demand surging recently, Orlando occupancy pushed to a recent high of 96.8% in June, hitting above the national norm for the first time since March of last year. This recent showing was well ahead of Orlando’s five-year average of 95.9%. Occupancy surged by 60 basis points (bps) in June, making up a big portion of Orlando’s annual increase of 210 bps. Among the nation’s 50 largest apartment markets, Orlando was a top 10 performer for occupancy increases in the past year. In fact, this list was dominated by Florida markets. Annual occupancy growth was strongest in West Palm Beach (340 bps) and Tampa (260 bps), while Fort Lauderdale and Miami both also saw increases of 210 bps. While occupancy in Orlando has been consistently strong in the Class C product line in the past five years, the Class A stock is responsible for the market’s most recent boost in performance. Occupancy climbed 370 bps in the luxury product line in the past year, taking the rate to 96.4%. While Class C units are stronger at 97.8%, this stock actually saw occupancy ease by 30 bps in the year-ending June.