Orlando's Rental Market is Changing – Are You Ready?
For the past few years, Orlando has been a landlord’s market. Properties rented quickly, tenants competed for available homes, and rental prices skyrocketed. But in 2024, we started seeing a dramatic shift—one of the worst softening rental markets since the last major financial crisis.
Many landlords are experiencing something unfamiliar: longer vacancies, fewer applications, and price-sensitive renters who are more selective than ever.
If your rental property has been sitting on the market, you're not alone. Here’s what’s happening and why adjusting your rent is the most effective way to secure a high-quality tenant before it’s too late.
1. The Market is Flooded with Rental Properties
One of the biggest reasons for Orlando’s rental slowdown? Oversupply.
🏢 New apartment complexes are popping up everywhere. Developers have built record numbers of new rental units across Orlando and Central Florida, flooding the market with options.
🏡 More individual landlords are renting out homes. Many homeowners who refinanced at low interest rates during the pandemic are holding onto their properties instead of selling—turning them into rentals instead.
💰 Incentives are back. Large apartment complexes are offering free rent, lower security deposits, and move-in specials, creating competition that’s hard for individual landlords to match.
The result? Renters now have a wide range of choices, giving them more negotiating power than they’ve had in years. If your rental price isn’t competitive, renters will simply move on to the next option.
2. Renters Are Struggling with Affordability
It’s no secret that the cost of living has skyrocketed.
📈 Orlando’s rent prices surged by over 20% in recent years. Now, with inflation and wage stagnation, many renters can’t afford what they could just two years ago.
🏠 Instead of renting, some are downsizing or moving in with family. High rental costs have led many people to delay getting their own place or opt for roommates instead of renting solo.
🚀 Rents are correcting from their pandemic-era peak. The reality is that the record-high rental rates of 2022-2023 are not sustainable—and the market is now adjusting.
If your rent is too high, tenants will either negotiate, look elsewhere, or simply wait.
3. Holding Out for Last Year’s Rent Costs You More
It’s understandable to want to hold out for the rent you got last year—but in today’s market, that can be a costly mistake.
⏳ Each month of vacancy means lost income. If your property sits vacant for two to three months, you’ve lost the equivalent of a yearly rent reduction anyway.
🔍 The best tenants rent first. The most qualified renters have options, and they aren’t waiting for your price to drop—they’re choosing properties that are priced competitively now.
💵 A rent adjustment today is better than months of uncertainty. Lowering the rent slightly now means securing a tenant faster and avoiding long-term vacancy losses.
4. How to Price Your Rental to Fill It Fast
So, what can landlords do to stay ahead in this changing market?
✔️ Be realistic about pricing. Research similar properties and consider a competitive pricing strategy. Your property is competing with brand-new apartments offering incentives—make sure your rent reflects the current market, not last year’s.
✔️ Consider a pricing strategy that attracts long-term tenants. Instead of offering rent discounts, focus on pricing the unit competitively upfront to secure a solid tenant who will stay.
✔️ Be flexible on move-in terms. If possible, adjust security deposits or offer slightly more favorable terms for tenants with strong rental history.
Verandah Properties Can Help You Navigate This Market
The rental market is shifting—but that doesn’t mean your property has to sit vacant.
At Verandah Properties, we specialize in market analysis, strategic pricing, and proactive property management to ensure your investment stays profitable.
If your rental property isn’t getting traction, now is the time to act.
Need a customized rental analysis? Contact us today!
Verandah Properties – Your Trusted Partner in Orlando Property Management