According to CoStar, the Orlando metropolitan area witnessed a 2.0% decline in average rents versus the 2nd quarter of 2022. That was the largest quarterly decline witnessed of any major market surveyed.
Fed action is curbing rents, which is great from an inflation perspective. But the heightened interest rates are already cutting into the Orlando construction industry. If the local construction sector were to take a substantial hit, unemployment in Orlando would jump and we could really start to see fireworks on falling rents.
Hopefully we don’t get to that point!
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