The average apartment rent in Orlando is now $1,400, up from $835 a year ago, according to a new report from real estate data firm RealHomeAssets.
It’s up from a low of $739 a year earlier.
But that’s not the end of the story.
According to the study, many of Orlando’s newer rentals will likely continue to be unaffordable for most.
In the past, most renters paid more than $1 million a year.
Today, most rents will be around $800 a year or less.
In other words, the average Orlando rental is $1.3 million a month.
That’s a number that’s likely to continue rising.
The number of people living in Orlando’s “downtown core” — the area surrounding downtown — has grown by 10 percent since 2000, according the Orlando Downtown Commission.
That means the number of apartments and condos in downtown Orlando is projected to rise by another 10 percent over the next 30 years.
The Downtown Commission predicts that the number that will make it into the downtown core by 2026 will be more than 10 times that of the rest of the county.
That increase in density is creating an increasing number of vacancies in downtowns rental market.
“We have a housing crisis in Orlando,” said Joe Bivins, president of Orlando Realty Partners.
“That’s not just Orlando, but Orlando and Florida as a whole.
It’s a problem that’s being experienced in the neighborhoods that surround the downtown cores. “
If we’re going to have that density, we need to get rid of the empty homes that are on the streets.”
It’s a problem that’s being experienced in the neighborhoods that surround the downtown cores.
In Orlando’s suburbs, the number with homes has increased by more than 30 percent.
In some neighborhoods, it’s more than 80 percent.
It doesn’t take a rocket scientist to figure out where those numbers come from.
In 2016, the Orlando Sentinel reported that the median household income in the area around downtown was $80,000, a figure that’s more or less unchanged from 2016.
And while the city has seen the housing market rebound in recent years, that’s a small price to pay to live downtown.
“I think people should not be living in this place,” said Orlando resident David Pritchard.
“It’s not a good neighborhood.
There are too many problems in this area.”
In a recent survey of about 500 people who live in downtown areas, more than half of them said they’ve never been to downtown Orlando.
“There’s not enough diversity here,” said Pritcher.
“They don’t have a good market, and they don’t care about the community.”
In Orlando, the median home price in downtown is $550,000.
In Miami, it is $539,000 and in New York City, it sits at $637,000 — and even in some of the priciest areas in the nation, that number is higher.
In recent years it’s been hard to find a place to rent in downtown downtown Orlando without paying more than a thousand dollars a month, even if you live there.
The problem with that, however, isn’t just that people can’t afford to live in the downtown.
It also comes down to where they live.
In a study conducted by RealHomeassets in 2018, almost a quarter of the people living downtown said they were moving out of the area because of the high cost of living and job-market conditions.
That percentage jumped to more than 45 percent among those who live downtown or near downtown.
That could be a problem for many people.
For one thing, the area that houses downtown is not the same area that’s served by the Metro Orlando Authority, which oversees the Orlando metro area.
According the Orlando Metropolitan Council, only about 12 percent of the 1.3 square miles of the downtown area are owned by the authority, and that number will shrink to less than 10 percent by 2040.
“What you’re really looking at is an urban sprawl,” said John DeBolt, executive director of the Orlando chapter of the National Association of Realtors.
They’re living in tents. “
A lot of folks are living on the edge of downtown, in areas that have no density whatsoever.
They’re living in tents.
They live in cars.
They have to move.”
But there are also new developments popping up in downtown, including the creation of a new park and playground, which will open later this year.
For more, visit the Orlando Regional Commission’s website for the latest on the region.