Amid a tight housing market, people are remaining renters for longer than before, so their expectations of what their homes must offer have also changed – and developers have rushed to deliver. Riding the wave of migration, Orlando is no exception and scores 5th place among the top cities that built the largest share of luxury rentals over the last decade.
Orlando has seen a surge in apartments that offer VIP treatment. That’s according to the recent StorageCafe analysis based on the ratio of high-end apartments out of the total deliveries in the last 10 years, in the 100 biggest cities.
The main highlights on premier apartment living in Orlando include:
- Orlando ranks in the top five in the nation for premier apartments, with 97% of its new apartments offering “top-notch living.”
- In response to unprecedent demand, no less than 31,000 units have been delivered in Orlando over the last decade, according to the report.
- Orlando apartments that fall under the “luxury” label come with plenty of space – over 1,000 square feet on average, 140 square feet more space than the non-luxury ones.
- Besides space, these apartments also provide a plethora of amenities. These include, among other things, resort-like pools, tennis courts, EV charging stations and co-working spaces.
- Much of this slew of luxury developments came in response to the steady stream of corporate relocations to the Orlando area.
Is the construction of premier apartments a solution to current housing needs in Orlando, or is it pricing out Central Florida residents and causing a housing crisis? Many locally are complaining about the cost of rent, and the lack of affordable housing. But don’t expect much to change in the near future.
“I think we’ll see a larger focus on indoor air quality and broadband/5G networks being turned into a selling feature in the near future,” said Robert M. Aydukovic, Teaching Specialist at Michigan State University, when asked about apartment construction activity. “Buildings with larger units that provide more space for spreading out, plus a home office, and don’t make us feel so confined if we have to enter lockdown periods, will be in higher demand for a time. Buildings in close proximity to outdoor space for distancing and recreation will outperform.”
Check out the full StorageCafe report for more detailed data.
