Orlando is a hot market for neighborhoods built entirely for renters
TAMPA, FLORIDA (July 28, 2022) - Luis Elorza, managing director of Northmarq's Tampa investment sales team, shared his insights on the increased demand for build-to-rent (BTR) communities around Central Florida in an article recently published by the Orlando Sentinel. With BTR communities rising from 3 percent of the inventory of major rental home providers in 2019 to 26 percent last year, Orlando and Central Florida represent prime targets for developers.
In the story, Elorza states, "If you look at Tampa and Orlando, that’s the vast majority of the [built-to-rent] that’s being built in the state right now."
The article also notes Northmarq's count of 335 BTR units (most built within the last 10 years) in the Orlando MSA. Another 1,174 units are under construction and 824 units are planned, bringing the total of new communities in the upcoming years to eleven.
Other topics include:
- Benefits for developers
- Renter appeal
- Demographics driving the industry