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Orlando Occupancy Pushes Ahead of U.S. Norm

Orlando Occupancy Pushes Ahead of U.S. Norm

Occupancy in the Orlando apartment market pushed ahead of the U.S. average in September, after trailing behind for much of the past year. Occupancy in Orlando hit 97.8% in September, the strongest showing this market has seen in at least two decades. While U.S. occupancy is also at a recent high, the national rate is a bit lower at 97.3%. In 2019, occupancy in Orlando generally hovered right around the U.S. average. Then, when the COVID-19 pandemic hit and the accompanying recession disproportionately affected hospitality jobs, Orlando occupancy took a dive that was worse than what was seen in the country overall. After bottoming out at 94.6% in June 2020, however, occupancy in Orlando started regaining strength once again before pushing ahead of the national norm in recent months. Class C boasted the strongest occupancy performance in Orlando in September, with a rate of 98.4%, followed closely by Class B units, with a showing of 98%. While Class A occupancy lagged the other asset classes at 97.4%, that was still a record showing for the luxury stock.