If you are planning to move to Orlando to be closer to the magic of Disney in 2022, get ready to pay the price that comes along with it.
Over the pandemic, many people moved to Florida. With the state being one of the ones that “opened” back up the fastest, many who were craving a sense of normalcy moved down to the sunshine state. Plus, with beaches nearby and theme parks, the idea of moving to where you vacation quickly became a popular option. With the increased amount of Guests becoming locals, Orlando rental rates shot up. The housing market was fantastic for selling, but buying would cost you a little more than you were used to. For apartments, rent jumped by hundreds of dollars, leaving a two-bedroom at a $2000.00 price point (of course, this cost varies but I can attest I was quoted $2150.00 for a two-bedroom near Disney World).
Now, the Orlando Sentinel has reported that costs will continue to rise this year. Lisa McNatt, director of market analytics for real estate analysts CoStar Group said, “The pace of growth in rent is likely to decelerate, but it will continue to grow.”
According to CoStar, the average rent in the metro area is $1,650. That’s a nearly 25% increase over the previous year, a pace more than twice the national average increase of 11.5%.
This year, rent is expected to increase by 6-8%. The Orlando Sentinel spoke with Orlando couple Kristin and Jeff Howard. The two spoke about how “demoralizing” the rental market is in Orlando as they have a townhome in which they are paying $1,450 for an extension on their lease, while it is being advertised at $1700.00 per month. On top of that, the Howard’s bring up a very real issue for Orlando rentals which are application fees. Some locations can charge around $150.00 per application, meaning you have to spend hundreds to just apply for a rental.
If you are looking to rent or buy, the Kissimmee or Clermont direction could be a good idea for you as there are many sections that are currently in development which means pricing is more affordable than right next to the Parks. Speaking as someone who moved to Orlando during the pandemic and recently moved apartments, I can attest that the market is incredibly hot. Finding a vacancy in a place you want to live in is tough, especially at an affordable price point.
What do you think of these price increases? Are you planning on moving to Orlando at some point?
Let the expert team at Academy Travel help you plan your next magical vacation to Walt Disney World Resort’s four theme parks — Magic Kingdom, EPCOT, Disney’s Animal Kingdom, and Disney’s Hollywood Studios — and the Disney Springs shopping and dining district!