Orlando Rents Spike As More Millennials Consider Home Buying

Dated: 08/07/2018

Views: 358

Orlando renters in large apartment complexes are paying $107 more on average per month than a year ago, according to a national analyst — and that coincides with a rise in millennials buying homes.

Orlando’s 8.4 percent increase in rent doubles the national average and tops RentCafe’s list for the 20 biggest U.S. markets in complexes with 50 or more units. Those rents came in at an average of $1,387, bringing them within $18 of RentCafe’s national average.

Rising rents are part of the reason millennials are buying more homes than they did in the recent past, said broker associate Dusty Sutton of Keller Williams at the Parks in Orlando. But their interest in homeownership started before rent began to skyrocket, she said.

“That’s what’s been pushing the market,” Sutton said. “First-time homebuyers are millennials, that’s who’s buying. That’s why anything in downtown Orlando under $400,000 is getting multiple offers.”

Don't pay these sky high rents when you could own a home and an investment.

Call or Message me today for more details.

Jenna Stauber



Original Story posted in the Orlando Sentinel written by Bill Zimmerman

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