Lakeland, FL Multifamily Market Report

Market Overview

Lakeland’s multifamily market is shifting from a demand-driven phase to a more balanced state. In recent years, significant growth has been fueled by population increases and rising demand for rental housing, leading to a record 4,400 units completed in the past year. However, this surge in new construction has contributed to higher vacancy rates.

 

Despite the increased vacancies, Lakeland remains one of Central Florida’s more affordable multifamily markets, with an average asking rent of $1,530 per month—lower than neighboring Orlando and Tampa. While 3,500 additional units are currently under construction, the market is expected to stabilize in the coming quarters. The long-term outlook remains positive, supported by sustained population growth and a strong job market.

 

Lakeland By the Numbers | 4-50 Units

• Inventory Units: 6,472
• Vacancy Rate: 6.2%
• Units Under Construction: 0
• Rent Growth: 1.2%

Quarter to Date | Source: CoStar Group

 

• Sale Price/Unit: $122,451
• Sale Vs. Asking Price: -7.0%
• Average Sale Price: $1.3M
• Average Units: 11
• Sales Volume: $25.1M
• Months to Sale: 6.3

Last 12 Months | Source: CoStar Group

 

Lakeland By the Numbers | 50-200 Units

• Inventory Units: 20,481
• Vacancy Rate: 6.3%
• Units Under Construction: 522
• Rent Growth: 0.5%

Quarter to Date | Source: CoStar Group

 

• Sale Price/Unit: $91,238
• Sale Vs. Asking Price: 0%
• Average Sale Price: $12M
• Average Units: 132
• Sales Volume: $84.3M
• Months to Sale: 11.2

Last 12 Months | Source: CoStar Group

 

Lakeland By the Numbers | 200-500 Units

• Inventory Units: 33,293
• Vacancy Rate: 13.4%
• Units Under Construction: 3,069
• Rent Growth: -1.2%

Quarter to Date | Source: CoStar Group

 

• Sale Price/Unit: $73,014
• Average Sale Price: $18.8M
• Average Units: 256
• Sales Volume: $56.5M

Last 12 Months | Source: CoStar Group