• Apartment construction booming across Central Florida


    ORANGE COUNTY, Fla. - More than 8,000 apartments will open in the Orlando area over the next year.

    Some of the units will be in eight different communities in Orange, Seminole and Osceola counties.

    In Seminole County, the new Moss Park apartment development on SR 434 in Winter Springs is receiving finishing touches on 85 new units.

    "It's a lot of new people, a lot of new jobs," said Lori Trainer, of the Apartment Association of Greater Orlando.

    In terms of employment, one job is created for every unit built because each one needs an electrician, a plumber and someone to do cabinetry.

    The new apartments come at a time  when apartment occupancy is at its highest since 2007 – 94 percent.

    Coupled with meager development, it leaves slim pickings for people looking for apartments.

    "People are quite frankly wanting to get out of the single-family environment," Trainer said.

    With supply low and demand high right now, renters are forced to pay more.

    WFTV learned that even though new places are coming into the market, there are still not enough to lower the average rental rate.

    "Next year we're building over 5,000 units, so we're just meeting the demand with the supply," Trainer said.

    Until supply surpasses the need, renters will pay a premium for what's available.

    Apartment industry analysts said the Winter Park and Maitland area will see the biggest growth over the next year.

    They said Winter Garden and Ocoee will see lower apartment occupancy compared to the rest of metro Orlando.

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    Apartment construction booming across Central Florida