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STATE OF THE ORLANDO APARTMENT MARKET: 2013

STATE OF THE ORLANDO APARTMENT MARKET: 2013. CHARLES WAYNE CONSULTING, INC. PRESENTED BY: DARYL SPRADLEY. DISNEY. 1965. AIR, RAIL AND ROADS ENERGIZE TOURISM, EMPLOYMENT AND HOUSING OPPORTUNITIES. DISNEY: Air, Rail & Roads. Lake Lr is a. Lake Louisa. State. Park.

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STATE OF THE ORLANDO APARTMENT MARKET: 2013

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  1. STATE OF THE ORLANDO APARTMENT MARKET: 2013 CHARLES WAYNE CONSULTING, INC. PRESENTED BY: DARYL SPRADLEY

  2. DISNEY 1965 AIR, RAIL AND ROADS ENERGIZE TOURISM, EMPLOYMENT AND HOUSING OPPORTUNITIES

  3. DISNEY: Air, Rail & Roads Lake Lr is a Lake Louisa State. Park -5 O rlando • Inn 551 A irp3ri. .9▪ 3 Bari Laike• --- 1,3 ke • Fart • ra nge Fells Cove Lahe It Disney World Re so rl...IV all Disney. World Resoit CP-4.74 429 .3 a wgreak: Lake L 27]. 9 star • Oakrand • -114.111111PAMMI • fdlihnS Lip( e ..• ii••= 401 E xpy 430 Ocoee Lake spe er 5 rr • ::r41inneol • — I 0 el e l rati 192- • • • nice Tohopekafiga Lake Sheen Winter Garden

  4. OIA 1976 INTERNATIONAL FLIGHTS OPEN UP GLOBAL MARKETS

  5. Medical City 2005 WHERE ROADS GO, JOBS AND HOUSING FOLLOWS

  6. SunRail 2014 COMMUTER RAIL TO LINK HOUSINGS AND JOBS

  7. TRANSIT STATIONS 3000+ UNITS UNDER CONSTRUCTION AND PROPOSED JUST THE BEGINNING! YNE CONSULTING. INC.

  8. All Aboard Florida 2016 HEAVY RAIL TO LINK BUSINESS AND TOURISM MARKETS: ORLANDO TO MIAMI

  9. KEY TRENDS • Suburban Projects: $1.15 - $1.25 • Tax / Bond Projects: Low Volume • Urban Projects: $1.60 - $2.00 • Urban Light Projects: $1.11 - $1.27 Student Units: Strong! / Sustainable?

  10. TOP SUBAREAS I H K G J A East Orange County / UCF Kissimmee / St. Cloud South Orlando Southwest Orange County D B C I E F H G J I K I SOURCE: Charles Wayne Consulting, Inc.

  11. POPULATION FORECAST 2,405,300 2,353,500 2,304,800 2,259,400 2,219,600 2,184,600 2,154,100 2,134,400 SOURCE: U.S. Census Bureau; UF, Bureau of Economic & Business Research; Florida Office of Economic & Demographic Research; Charles Wayne Consulting, Inc. 2,450,000 2,400,000 2,350,000 2,300,000 2,250,000 2,200,000 2,150,000 2,100,000 2,050,000 2,000,000 2010 2011 2012 2013 2014 2015 2016 2017

  12. POPULATION GROWTH 51,800 48,700 45,400 39,800 35,000 30,500 20,600 19,700 0 SOURCE: U.S. Census Bureau; Florida Office of Economic & Demographic Research; Charles Wayne Consulting, Inc. 40,000 60,000 50,000 30,000 20,000 10,000 2010 2011 2012 2013 2014 2015 2016 2017

  13. JOB GROWTH 60.0 50.0 51.1 40.0 46.0 44.3 36.3 30.0 20.0 22.7 10.0 0.0 -1.0 -0.7 -10.0 -20.0 -30.0 -40.0 -50.0 -59.6 -60.0 NOTE: Not seasonally adjusted. By place of work. SOURCE: Florida Research & Economic Information Database 2005 2006 2007 2008 2009 2010 2011 2012 (thousands)

  14. THEME PARK ATTENDANCE 70.0 68.0 68.0 66.3 66.0 64.0 64.0 63.2 63.1 62.5 62.0 60.4 60.0 59.3 57.9 58.0 55.6 56.0 54.2 54.0 52.0 50.0 SOURCE: Theme Entertainment Association; AECOM 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 (millions) 64.2 64.6

  15. HOMEOWNERSHIP RATE SOURCE: U.S. Census 75.0% 70.0% 65.0% 60.0% 55.0% 66.8% 65.4% 1990 1991 1992 1993 1994 1995 6 199 1997 1998 1999 61.0% 60.2% 59.6% 61.7% 66.5% 2001 62.5% 2000 62.3% 62.4% 2002 2003 2004 60.5% 63.0% 65.5% 2005 2006 2007 2008 2009 2010 2011 2012 66.6% 69.1% 70.5% 71.1% 71.8% 70.5% 72.4% 70.8% 68.6% 68.0%

  16. NEW HOME DEMAND 10,600 9,600 8,800 8,000 5,800 6,000 5,000 4,600 4,100 5,300 3,600 4,000 5,000 4,300 3,400 2,000 2,700 0 14,000 12,000 10,000 SOURCE: Charles Wayne Consulting, Inc. NOTE: SF Includes custom and production units. Orlando MSA includes Orange, Seminole, Osceola and Lake Counties. Demand estimates require annual adjustments. 2013 2014 2015 2016 2017 Single-Family Townhomes & Condos Apartments 11,200 11,000

  17. APARTMENT UNITS 151,952 151,156 135,782 151,496 152,329 1 4 1, 13 5 83,303 SOURCE: Charles Wayne Consulting, Inc. 10 1 60,000 70,000 80,000 90,000 149,672 150,955 75,638 77,764 81,2 147,154 140,052 134,459 100,000 110,000 120,000 130,000 140,000 150,000 1 0 1 , 3 6 5 160,000 Mar-90 Mar-91 Mar-92 Mar-93 Mar-94 Mar-95 Mar-96 Mar-97 Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 84,345 85,383 84,744 86,152 86,885 88,445 91,094 92,749 93,541 95,557 96,643 99,504 1 05, 4 9 0 109,020 113,548 118,869 125,361 131,767 136,370 1 44,5 2 6 146,802 150,064 151,948 151,037 136,987 139,605 144,659 147,51 153,084 154,437 155,703 156,896 170,000 NOTE: Based on RMR qualified projects. Includes Orange, Seminole, Osceola, Lake and Northeast Polk Counties.

  18. APARTMENT OCCUPANCY 100% 95% 90% 88.8% 88.2% 87.5% 85% 80% Mar-12 Mar-08 Sep-08 Mar-09 Mar-11 Mar-10 Mar-13 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 SOURCE: Charles Wayne Consulting, Inc. 89.4% 89.6% NOTE: Based on RMR qualified projects. Includes Orange, Seminole, Osceola, Lake and Northeast Polk Counties. 91.1% 91.2% 93.0% 93.1% 93.9% 93.9% 94.4%

  19. UNITS UNDER CONSTRUCTION SOURCE: Charles Wayne Consulting, Inc. 4,000 8,000 7,000 6,000 5,000 3,000 2,000 1,000 0 6,675 Mar-08 Sep-08 Mar-09 3,699 3,888 NOTE: Based on RMR qualified projects. Includes Orange, Seminole, Osceola, Lake and Northeast Polk Counties. 09 Sep- 3,169 Mar-10 1,627 1,526 Sep-10 Mar-11 2,000 1,929 Sep-11 Mar-12 3,250 3,191 Sep-12 Mar-13 5,855 Sep-13 7,124

  20. SUPPLY~DEMAND DYNAMICS 6,500 6,000 5,684 5,500 5,000 5,013 4,500 4,029 4,000 3,367 3,500 3,066 3,000 2,356 2,500 2,459 2,000 2,108 1,500 1,484 1,000 1,173 500 0 SOURCE: Charles Wayne Consulting, Inc. 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 Apt Unit Absorption Apt New Supply NOTE: Based on RMR qualified projects. Includes Orange, Seminole, Osceola, Lake and Northeast Polk Counties. 3,700 ANNUAL AVERAGE ABSORPTION

  21. RENT GROWTH 10% 8.8% 9% 8% 7% 6% 5.6% 5.2% 5% 4.3% 4.1% 3.7% 4% 3.5% 2.8% 3% 2% 1% 0% SOURCE: ALN; Charles Wayne Consulting, Inc. Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Vacancy Rate Eff Rent Growth 7.0% 6.9% 6.1% 6.1%

  22. NEW HOUSING DYNAMICS 6,500 6,000 5,684 5,615 5,500 5,000 4,500 4,029 3,878 4,000 3,311 3,367 3,500 2,951 3,066 2,881 3,000 2,790 2,500 2,356 2,000 1,995 1,500 1,793 1,000 500 0 SOURCE: Charles Wayne Consulting, Inc. 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 Apt Unit Absorption SF Production Closings MF Closings NOTE: Includes qualified projects in Orange, Seminole, Osceola, Lake and NE Polk. For-sale closings for 2012 0.3 to 2013 0.3 are estimates. 2,217 2,223

  23. Lake Mo AKE h LO Ply Lake Fernd le Apopka ntrerde Oakland • OCOEE WINTER GARDEN41)V PINE. i • 1, • ,- .. Orla to • 44 .4.490Irrinle atew ay A irportrK IS S Iv MEE rAterces s i on CiarF, 4111, gh // mai N • 1\•'•>.Ok • V?.1,m,k 9 Harris • oYala • yiS 91 Lake SCE 6 a ufi.a/Gir] Center Hill abater Mascot UNICA rirovel a ndo 528• - 520 SAINT CLOUD -.-__ Zellwood Haney In The Hi Is A state' la Lake 11•tee mterville ha cereshurci Rglil Airport CA I:1 • 41, • AZALE • I7 .0rcpL jot ri e 552 • 0 NW Y • 6'92 L i! 1 7 ! 530 je"ef V, it cdttsmoor I % s AAIrrttair_laynn \Air Park A '1 \\ pace Coast VRcjnI Airport +I \ Sorre9/0_,---‘, • -•-z• ----%C oCOA RO C 14.,EDGE.`-14hol ER L.•,.;\ ..'..\. GC Merritt) aryd Ai or t C hristmas Nova Rd 532 'D enpor "N. NOTE: Circles indicate likely geographic areas of development based on current activity and vested land holdings. SOURCE: Charles Wayne Consulting, Inc. Polk City NT 0 LI NID ORA 7--TakE. Dora Tangerine 1:1 herpes FUTURE DEVELOPMENT PATTERNS

  24. CHARLES WAYNE CONSULTING, INC. 2300 MAITLAND CENTER PARKWAY SUITE 212 MAITLAND, FL 32751 (407) 660-0186 www.CharlesWayneConsulting.com

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