Residential rental rates have increased more in Orlando's trendy Baldwin Park section than in any other part of the four-county metropolitan area, a new report shows.
The median rent last month in Baldwin Park was $2,169 for all the types of rental housing there — houses, apartments, condominiums and town homes.
"Orlando is coming back as a jobs magnet, and some areas are increasing faster than others," said Robert E. Smith, president of Smith Equities, a real estate investment advisory firm. "Some properties are still not back to where they were before the crash."
The overall increase in Metro Orlando rents in May exceeded those nationally from month to month and year over year, according to the report released Thursday by the real estate research company Zillow Inc. Orlando's median rent was $1,234 last month, an increase of 3.4 percent from a year ago and 0.5 percent from April.
Nationwide, the median May rent was $1,286, up only 2.6 percent from a year earlier and down slightly from a month earlier. This was the first time Zillow had released such a rental-market overview; the numbers are based on asking rents posted on the company's website.
Metro Orlando rents have declined during the past year in certain areas, especially in Rosemont North near Orlando. Rents were down slightly from a year ago in Orlando's Delaney Park and Ventura neighborhoods.
Rents also softened slightly last month in Oviedo, in southeast Seminole County. The decline could be a correction from the 7.3 percent increase in rental rates experienced in Oviedo during the past year — double the increase for the metro area as a whole.
Within the four-county metro area, Longwood had the most-expensive monthly apartment rents in May: $1,517. Winter Springs had the most-expensive rental rates for single-family homes: $1,575.
Overall for the region, apartments leased for more money than did stand-alone homes. The median monthly rent for an apartment was $1,023, while the median for a house was $993.
firstname.lastname@example.org or 407-420-5538
RENTS IN SELECTED METRO ORLANDO CITIES AND NEIGHBORHOODS
|Cities||Annual % Chng||Apart- ment Rents ($)||House Rents ($)|
|Orlando Central Business District||4||1,362||NA|
|Dover Shores East||4.1||1,333||1,049|
|Lake Eola Heights||4||1,073||873|
SOURCE: Zillow Inc.