ORLANDO, Fla. – Rent increases may have hit their peak, according to a new forecast from the Apartment Association of Greater Orlando.
The data covering Orange, Osceola, Lake, Seminole and Volusia counties shows rent for a one-bedroom apartment averages $1,606 per month.
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“Throughout the Central Florida region, the multifamily housing market continues to feel the pressure of demand far outpacing supply,” the study read.
The data showed the Central Florida region averages a 4.1% vacancy rate, which is a trend being seen across the nation.
According to iPropertyManagement, the national rental vacancy rate declined 13.9% over the last year to 5.6%.
That means fewer units are available for rent, while demand continues to increase.
As a result, rent prices continue to climb.
“I think there will be a slowdown,” said Monica Ramsey, executive vice president of the Apartment Association of Greater Orlando. “I’m not sure if (rent prices) will go back to how they were before, but I think they will stabilize, and I think within the next six-to-twelve months, we should see that stabilization occur.”
According to the organization’s most recent forecast, rent prices were expected to crest in the first quarter of 2022, with rental price jumps decreasing through the summer and fall.
Still, the Orlando metro area ranks among the top-10 cities in the nation when it comes to rent price increase amounts, according to rent.com.