ORLANDOMULTIFAMILY
RENTAL TRENDSSUPPLY/DEMANDEMPLOYMENT ANALYTICS
NOVEMBER 2018
SUPPLY
RENTAL TRENDS
DEMAND
Employment Sector Current Share YOY Change
Leisure and Hospitality 19.5% 16,500 5.9%
Mining, Logging and Construction 6.6% 12,800 14.5%
Education and Health Services 12.9% 8,900 4.7%
Professional and Business Services 17.2% 8,400 3.3%
Trade, Transportation, and Utilities 18.0% 7,100 2.6%
Manufacturing 4.8% 4,400 6.3%
Other Services 3.6% 3,400 6.6%
Financial Activities 5.6% 2,000 2.4%
Government 10.1% 0 0.0%
Information 1.7% 0 0.0%
National RankingOut of 98 Markets 13Rent
Growth [-8] 2 EmploymentGrowth 20 Completions
[-4]
Inventory by Property Status# of Properties
855Completed
209,033 Units
43Under Construction
11,553 Units
60Planned
17,578 Units
110Prospective
26,862 Units
ORLANDO MULTIFAMILY NOVEMBER 2018
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HIGHEST OVERALL PERFORMING SUBMARKETS LOWEST OVERALL PERFORMING SUBMARKETS
Submarket Rent Occupancy YOY Change
Winter Garden $1,120 97.8% 11.0%
Florida Center North $1,260 97.2% 10.4%
Lake Richmond $1,213 96.2% 10.2%
Pine Hills $990 97.6% 10.0%
Clermont $1,416 94.6% 9.0%
Submarket Rent Occupancy YOY Change
Fish Lake $1,044 95.6% 1.6%
Lake Nona $1,499 95.7% 1.4%
Holden Heights $1,058 - 1.0%
Lake Mary $1,364 95.7% 0.7%
Downtown Orlando $1,687 94.6% 0.6%
HIGHEST PERFORMING SUBMARKET - WINTER GARDEN
SUBMARKETS YEAR-OVER-YEAR RENT GROWTH
Properties 4
Units 477
Average Rent/Unit $1,120
Effective YOY Chg 11.0%
RENTAL RATE CHANGE BY SUBMARKET NOVEMBER 2018
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LIFESTYLE APARTMENTS - YEAR-OVER-YEAR RENT GROWTH RENTERS-BY-NECESSITY APARTMENTS - YEAR-OVER-YEAR RENT GROWTH
HIGHEST PERFORMING SUBMARKETS - LIFESTYLE HIGHEST PERFORMING SUBMARKETS - RBN
Submarket Rent Occupancy YOY Change
Rosemont $1,108 97.3% 12.5%
Florida Center North $1,556 95.1% 11.1%
Lake Catherine $1,370 92.7% 10.9%
West Kissimmee $1,377 95.6% 10.4%
Lake Richmond $1,266 96% 10.3%
Submarket Rent Occupancy YOY Change
Lockhart $1,085 97.8% 11.9%
Pine Hills $847 97.6% 11.7%
Winter Garden $924 99.1% 11.2%
Weathersfield $1,219 96.9% 10.8%
Kirkman $1,243 95.5% 10.7%
LOWEST PERFORMING SUBMARKETS - LIFESTYLE LOWEST PERFORMING SUBMARKETS - RBN
Submarket Rent Occupancy YOY Change
Winter Park/Maitland $1,743 93.8% 2.1%
Lake Nona $1,499 95.7% 1.4%
Lake Mary $1,407 96% 0.7%
Downtown Orlando $1,799 94.1% 0.6%
Weathersfield $1,288 93% 0.2%
Submarket Rent Occupancy YOY Change
Downtown Orlando $1,011 96.8% 1.3%
Lake Mary $1,225 94.9% 1.1%
Vista Park $1,161 96.6% 0.8%
Oviedo $1,620 98.4% 0.5%
Gotha/Orlovista $1,047 97.6% 0.4%
ROSEMONT LOCKHART
Lifestyle RBN Overall
Properties 3 15 18
Units 704 3,222 3,926
Avg Rent/Unit $1,108 $965 $991
Effective YOY Chg 12.5% 7.2% 8.2%
RBN Lifestyle Overall
Properties 4 6 10
Units 625 2,158 2,783
Avg Rent/Unit $1,085 $1,445 $1,364
Effective YOY Chg 11.9% 6.0% 7.1%
RENTAL RATE CHANGE BY SUBMARKET AND ASSET QUALITY NOVEMBER 2018
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OVERALL DEVELOPMENT ACTIVITY
PROJECTED COMPLETIONS AS % OF PRIOR INVENTORY - 12 MONTHS ENDING OCTOBER 2019Submarket Growth # Units
Winter Park/Maitland 53.2% 1,424
Pine Hills 30.9% 754
Downtown Orlando 19.3% 1,089
Florida Center 16.2% 344
West Kissimmee 13.8% 690
Longwood 10.9% 281
Celebration 10.3% 338
Palm Bay 10.0% 620
Colonial Town 8.7% 356
Lake Monroe 8.6% 280
Goldenrod 7.8% 332
+ 11 More Submarkets 2,838
Market Overall 4.2%9,346 Units
National RankingOut of 98 Markets
11,553 Units
16Lifestyle
10,727 Units
34Renters-by-Necessity [+9]
826 Units
16Overall
SUPPLY NOVEMBER 2018
TOP DEVELOPERS BY UNITS UNDER CONSTRUCTIONLARGEST COMMUNITIES UNDER CONSTRUCTIONDeveloper # Units # Props
Brel Capital 703 2
Real Estate Inverlad 630 1
LeCesse Development 612 2
Pollack Shores 442 2
Crescent Communities 375 1
Camden Property Trust 364 1
Cornerstone Group 356 1
Eastwind Development 352 1
Mill Creek Residential Trust 350 1
Related Group 350 1
Project Address # Units Developer
Yard at Ivanhoe, The 1605 Alden Road Orlando, FL 32803
630 Real Estate Inverlad
M2 at Millenia 4206 Eastgate Drive Orlando, FL 32839
403 Brel Capital
Novel Lucerne 733 Main Lane Orlando, FL 32801 375 Crescent Communities
520 East 555 Mariposa Street Orlando, FL 32801
364 Camden Property Trust
Urbon 3710 Maguire Blvd Orlando, FL 32803
356 Cornerstone Group
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LIFESTYLE DEVELOPMENT ACTIVITY RENTERS-BY-NECESSITY DEVELOPMENT ACTIVITY
PROJECTED RBN COMPLETIONS AS % OF INVENTORYPROJECTED LIFESTYLE COMPLETIONS AS % OF INVENTORY
Submarket Growth # Units
Winter Park/Maitland 135.0% 1,424
Goldenrod 39.2% 332
Longwood 34.6% 281
East Kissimmee 26.1% 352
Downtown Orlando 25.8% 1,089
Florida Center 23.7% 344
West Kissimmee 21.6% 390
Lake Monroe 12.3% 280
Celebration 10.7% 338
Vista Park 10.7% 312
Colonial Town 10.0% 356
+ 10 More Submarkets 3,262
Market Overall 8.3%8,760 Units
Submarket Growth # Units
West Kissimmee 9.4% 300
Holden Heights 7.6% 120
Pine Hills 7.1% 166
Market Overall 0.5%586 Units
SUPPLY NOVEMBER 2018
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EMPLOYMENT COMPOSITION BY INDUSTRY SECTOR
EMPLOYMENT GROWTH TREND FOR TOTAL NON-FARM AND TWO LARGEST INDUSTRY SECTORS
EARNINGS GROWTH TREND VS NATIONAL
Employment National YOY Change 5-Year ChangeEmployment Sector Jobs % Share Rank Jobs Pct. Jobs Pct.
Leisure and Hospitality 299K 19.5% 14 16.5K 5.9% 54.8K 22.5%
Trade, Transportation, and Utilities 275K 18.0% 29 7.1K 2.6% 34.4K 14.3%
Professional and Business Services 265K 17.2% 25 8.4K 3.3% 58.5K 28.4%
Education and Health Services 198K 12.9% 33 8.9K 4.7% 32.1K 19.4%
Government 155K 10.1% 41 0.0K 0.0% 7.7K 5.2%
Mining, Logging and Construction 101K 6.6% 22 12.8K 14.5% 38.6K 61.8%
Financial Activities 86K 5.6% 31 2.0K 2.4% 7.4K 9.5%
Manufacturing 74K 4.8% 47 4.4K 6.3% 15.8K 27.1%
Other Services 55K 3.6% 27 3.4K 6.6% 11.3K 25.7%
Information 27K 1.7% 29 0.0K 0.0% 0.9K 3.5%
Total Non-Farm 1534K 100.0% 26 63.5K 4.3% 261.5K 20.6%
EMPLOYMENT AND EARNINGS NOVEMBER 2018
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Prior 12 Months
37Sale Price [-2]
$140,293Average Price/Unit
8Sale Velocity [-2]
84Properties Sold
9Sale Volume
$3,260MMTotal Sales
National RankingOut of 98 Markets
MOST ACTIVE SUBMARKETS BY TRANSACTION VOLUME
SALE TRENDS
MOST ACTIVE BUYERS BY # PROPERTIES PURCHASED MOST ACTIVE SELLERS BY # PROPERTIES SOLD
Lifestyle RBN
# Properties 37 47
Total $MM $2,148 $1,112
Avg $/Unit $184,820 $95,742
Company # Units $MM
Starwood Capital Group 15 4,129 $396.5
S2 Residential 5 2,422 $202.1
TruAmerica Multifamily 3 1,326 $181.5
TH Real Estate 3 980 $194.3
Abacus Capital Group 3 594 $57.5
Amzak Capital Management 3 570 $36.9
Robbins Property Associates 2 732 $109.0
Cortland Partners 2 618 $124.9
Company # Units $MM
Banyan Realty Management 15 4,129 $396.5
NRInvestments 3 1,662 $124.5
CFH Group 3 594 $57.5
Lohman, Ty G. 3 570 $36.9
Starwood Capital Group 2 954 $124.6
GoldOller Real Estate Investments 2 876 $112.0
B & M Management 2 643 $102.7
Jefferson Apartment Group 2 477 $132.3
Submarket # Units $MM
Weathersfield 10 3,502 $533.2
Downtown Orlando 6 1,880 $472.5
Lake Bryan 6 1,692 $354.9
Altamonte Springs 6 1,802 $328.0
University Park 6 1,306 $320.9
Hancock Lake 4 1,536 $274.5
Oak Ridge - east 8 2,504 $256.4
Lake Catherine 6 3,372 $255.4
West Kissimmee 4 1,352 $248.6
Stoneybrook 6 1,872 $244.8
+ 30 More Submarkets 106 25,650 $3,229.9
Total 168 46,468 $6,519.1
$89,000,000299 UnitsBuyer: Camden Property Trust
Sale Date: 09/25/2018
Camden Thornton Park
HIGHEST PRICED PREV. 3 MONTHS
TRANSACTION ACTIVITY NOVEMBER 2018
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COVERAGE
Yardi® Matrix reports on multi-family properties of 50+ units in size.
This report for the Orlando metro area covers Counties: Brevard, Lake, Orange, Osceola and Seminole
Rental rate coverage is for Market Rate properties only. Fully Affordable properties are not included in our rental surveys and are not reported in rental rate averages.
GENERAL DEFINITIONS
Asset Class – refers to a generalized category of properties grouped by their Yardi® Matrix improvements rating
Lifestyle Asset Class – a grouping of all of the highest rated market rate properties A+, A, A- and B+
Renters-by-Necessity (RBN) Asset Class – a grouping of all of the lowest rated properties B, B-, C+, C, C- and D
Year-over-Year Change – percentage growth from last year, for several months or quarters in a time-series. This analysis will highlight an overall direction of movement for a metro.
An upward slope means an accelerating growth. A downward slope means a slowing growth. Above the line (zero) for increases, below the line for loss.
Rankings – this metro is ranked nationally among other Yardi Matrix reported metros based on a single measure. For details on any specific ranking, see section descriptions below
COMMONLY USED CALCULATIONS
DATA SOURCES
Rental Rates – are collected by Yardi® Matrix phone surveyors three times annually for 95%+ of property and unit configurations. Additionally, a representative sample of the market (between 10% and 20%) are surveyed monthly.
Occupancy Rates – are derived from U.S. Postal Service data and Yardi® Matrix phone surveys
Development Activity – information is tracked by Yardi® Matrix researchers. Construction projects are discovered through various publications and local government sources. Projects are tracked on a monthly basis. Completion dates and lease-up information are confirmed by phone calls to properties under construction.
Employment – data is sourced from the U.S. Bureau of Labor Statistics. Reported employment is generally two months behind the current date for this report.
Transaction Activity – information is tracked by Yardi® Matrix researchers. Sales are discovered through various publications and local government sources, and updates are made continuously.
Rent Growth Ranking – based on rent growth over the past year, current month.
Employment Growth Ranking – based on employment growth over the past year, latest employment month.
Completions Ranking – based on inventory growth over the past year, current month.
MARKET OVERVIEW
Calculations – total employment size (jobs) is expressed as a sum of employment in areas overlapping the reported market: Orlando-Kissimmee-Sanford, FL | Palm Bay-Melbourne-Titusville, FL
EMPLOYMENT AND EARNINGS
Industry Sectors – are defined by the NAICS Supersector designations. For more information visit: http://www.bls.gov/sae/saesuper.htm
Sector National Ranking – is based on the absolute size of the industry sector within this metro, when compared to the same industry in other metro areas nationally.
Earnings weekly vs hourly – differentiates hourly wage workers, from weekly salaried workers.
DEVELOPMENT ACTIVITY
Prospective Properties – announced construction projects, with no specific documents or government filings
Planned Properties – are in the planning stages of construction, with documents having been filed with the county or city
Under Construction Properties – have received permits for construction and broken ground.
Rankings – are based on the number of units currently under construction: Overall, Lifestyle and Renters-by-Necessity Asset Classifications
Projected Completions – Projected completions reported by Yardi® Matrix are limited to a year out and are based on properties currently under construction and their expected completion date.
Projected Completions as a % of Prior Inventory – This forward-looking metric uses projected unit completions to calculate a relative growth over the next year for a particular area. Submarkets with a total share of market inventory below 1% are assigned an N/A value, to avoid over-stating their significance in rankings and color-coded map displays.
Construction and Completion Counts – are reported based on property status as of the start of the month.
TRANSACTION ACTIVITY
Price – is expressed as Price/Unit as a standard measure. This is also used for national ranking
Velocity – is measured by the number of properties sold per year. This is also used for national ranking
Volume – measures the total amount of money spent in multi-family sale transactions in the prior year, expressed as millions of U.S. Dollars ($MM). This is also used for national ranking
METHODS AND DEFINITIONS NOVEMBER 2018
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