Orlando apartment market one of the tightest in the country

According to the National Association of Realtors, condo
conversions have left some markets, including Orlando with very
low vacancy rates of 2.2 percent or less.


NAR reports that areas with the lowest apartment vacancies are
Los Angeles; Orlando; Newark, N.J.; Ft. Lauderdale, and West
Palm Beach.

Condo converters continue to influence multifamily investment
across the country, with conversion of apartments into condos
accounting for more than half of the dollar volume in the Mid-
Atlantic and Southeast, and more than 40 percent of volume in
the Northeast and Midwest. In the last year, approximately
120,000 rental apartments have been removed from the inventory
due to conversions.

Overall, the apartment rental market – multifamily housing –
should see vacancy rates drop to 5.0 percent by the end of
2006, down from 6.2 percent last year. Average rent is
projected to increase 3.0 percent in 2006, compared with a 1.5
percent rise in 2004.