Properties for rent in Orlando, Florida are in a much better position during the July-September 2010 period compared with the January-March 2010 quarter when the metro area was ranked number one among all metropolitan regions in the U.S. in terms of vacancy rates.
According to a report from the U.S. Census, the metro region's third quarter vacancy rate for apartments declined to 13.5%, representing a decline of around 7% when compared with the first quarter's vacancy rate of 20.6%. After ranking first in the first quarter, Orlando ended at 21st among 75 metro areas in the U.S. in terms of vacancy levels for the July-September 2010 quarter.
Orlando also exhibited some of the biggest improvements in rental housing occupancy for the quarter in focus, with Akron, Ohio; Nashville, Tennessee and Jacksonville, Florida the only metro regions that posted bigger improvements for the period. Homeowner-related vacancy rates also declined considerably in Orlando for the most recent three-month period.
During the first quarter of the current year, the metro area ranked first in vacancy not only in residential properties for rent, but also in terms of empty homeowner dwellings. The region had an 8.3% rate of vacancy among single family dwellings that were listed for sale in the January-March period.
By the July-September quarter, that rate was down to 3.8%, ranking the metro at 11th nationwide. The metro area also recorded the third biggest improvement in this category between the first and the third quarters of the year, with Tucson, Arizona and Greensboro, North Carolina the only metropolitan regions that posted bigger improvements than Orlando.
In terms of office space leases, the city is also showing significant improvements, with several leasing agreements signed and renewed as of the end of the 2010 third quarter. Tenant Pentagon Corp. has negotiated a lease renewal for a space in the office building of Citadel International in Heseltine, while Nurse on Call has rented an office space of over 9,000 square feet at Winter Haven that belongs to 6/10 Corp.
Improved occupancy in the industrial and properties for rent in Orlando has given local realtors some hope that the area's rental property market is on its way to a sustained recovery. The trend is expected to continue until 2011 when more businesses and households are expected to move into the metro area.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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