Orlando has been one of the fastest-growing markets for apartment inventory across the country, with Kissimmee/Osceola County turning in about one-quarter of the market’s delivery total.
With 14,012 new apartments added in 2024, Orlando placed between typically strong Northeastern development markets Newark, which had 15,300 new units, and Washington D.C., with 13,300 units added, according to data from RealPage Market Analytics.
Located south of downtown Orlando, Kissimmee/Osceola County is Orlando’s largest submarket, which includes Kissimmee, Celebration, and St. Cloud. It benefits from proximity to major tourist attractions, including Walt Disney World Resort, Universal Orlando Resort and SeaWorld. Last year, the county logged delivery of 3,480 units, accounting for 10% inventory growth.
RealPage said the economy in the submarket has been improving, driven by job growth in leisure and hospitality services linked to the major theme parks nearby. Most of the new apartment supply delivered there last year came online in the northern portion of the submarket, including in downtown Kissimmee and Hunter’s Creek.
Compared with markets across the country, Kissimmee/Osceola County was the 17th-fastest-growing apartment market, behind North Central Austin with 3,551 units and before Central Nashville with 3,463 units. Over the past decade, Kissimmee/Osceola County’s annual deliveries have averaged about 1,500 units, but last year, it doubled that volume.
Despite the market’s rapidly growing apartment base, demand volumes have kept up, said RealPage. The submarket absorbed about 3,350 units last year, nearly all of its new inventory.
Orlando also boasts two other submarkets that are posting strong performance in the apartment market. Ocoee/Winter Garden Clermont added 2,947 units and South Orange County added 2,216 units. Ocoee/Winter Garden Clermont’s new supply grew its relatively small existing unit base by 16.4%, placing it 24th on the nation's list of the 150 largest markets.
South Orange County’s growth rate was 6.9%, which placed it at 42nd in the nation for apartment growth.
RealPage said Orlando and its submarkets will continue to be a supply leader over the coming year, with its three high-performing submarkets scheduled to add 59% of all new units in the market in 2025.