Orlando, FL Multifamily Market Report Q3 2026

Sales Volume Falls 39%, but 2024 Delivery Peak Fades 49%

Demand

Orlando absorbed 1,235 units in Q3 2026, against 1,280 in the same quarter last year. Vacancy is 5.3%, 1 bps looser than Q3 2025. Central Orlando is both the tightest submarket at 4.5% vacancy and the rent growth leader at +2.6%. Trailing-12-month absorption of 7,201 units is down from 13,078 a year earlier. Rent of $1,729 is up 0.1% year over year and 5.2% below the Q3 2022 peak of $1,824.

Supply

Orlando recorded 1,443 units of completions in Q3 and 7,671 over the trailing twelve months (-32% versus the prior TTM period). Units under construction equal 4.2% of inventory, concentrated in Ocoee/Winter Garden/Clermont at 10.4% of its stock. Annual completions peaked at 15,119 units in 2024. Q3 deliveries were 49% below last year’s 2,812. The 12,621-unit pipeline equals about seven quarters of absorption at the trailing pace.

Investment Market

Orlando recorded $1.9B in sales over the trailing twelve months, -39% against the prior TTM period; Q3 accounted for $447M. The high-water mark in this series is $9.0B in 2021.

Orlando cap rates average 5.31%, up for 18 straight quarters. Pricing sits at $222k per unit, higher for 2 consecutive years. The cap rate is 85 bps above the Q1 2022 low of 4.46%.