What’s New In Orlando:
In the last few months, Orlando has experienced a steady increase in multifamily developments. The new properties are a welcome addition to the city’s growing housing stock and create promising opportunities for contractors and developers alike.
Plans for New Apartment Complex in Seminole County
South Florida real estate firm, Cornerstone Group, is planning a new multifamily community in Seminole County. While the full construction and design plans are not yet finalized, Cornerstone Group has announced its preliminary plans and filed requests for rezoning, site plan approval, and a future land-use amendment for the 224-unit complex.
Lake Mary Ashok Apartments will be built on 9.15 acres just outside Lake Mary city limits. It will include one-, two-, and three-bedroom units and around 400 parking spaces for residents and staff.
Affordable Housing Development Approved in Orlando
Wendover Housing Partners, an Altamonte Springs-based developer, received approval for a new affordable housing development last week.
The subsidized workforce apartment complex will be constructed at the $100 million Apopka City Center. It is a crucial project given Orlando’s shortage of affordable housing stock and a welcome addition to a city where roughly 50% of residents fall below the area median income.
Rent Hikes Impact Orlando Renters
Across the nation, rents have steadily declined over the past few months. However, Orlando bucks the trend as rents continue to rise across the city. Between October and November, one-bedroom rental rates increased by 4.3%, and two-bedroom rates jumped by 4.2%, ranking the city among those that experienced the highest increases across the U.S. this year.