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.
The least-expensive rental markets in May: Mount Dora, in Lake County, where the median apartment rent was $815; and Conway, southeast of downtown Orlando, where the median rent for a house was $814.
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 $993.
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RENTS IN SELECTED METRO ORLANDO CITIES AND NEIGHBORHOODS
CitiesAnnual % ChngApart- ment Rents ($)House Rents ($)Altamonte Spring4.51,2131,542Apopka3.9948976Casselberry3.41,2931,376Citrus Ridge13.51,1561,219Clermont3.98851,193Conway4.3995814Eustis4.5NA891Fruitland Park4.8NA830Kissimmee7.2889882Lady Lake2.41,035985Lake Mary4.81,3701,376Leesburg8.6995912Longwood6.11,5171,177Maitland4.21,309909Meadow Woods2.91,3791,055Mount Dora3.8815897Oak Ridge3.5825718Ocoee3.11,015870Orlando5.6988922Oviedo7.31,2911,063Pine Hills7.5843833Poinciana5.1NA1,186St Cloud2.5885983Sanford4.31,3131,244Tavares4.8774921Windermere7.61,1911,102Winter Garden7.99461,082Winter Park2.4884856Winter Springs51,2851,575Yeehaw Junction10.3NA1,047Communities Airport North9.2870NAAudubon Park2.71,344741Baldwin Park11.21,2691,217Bryn Mawr3.7840755Orlando Central Business District41,362NACollege Park6955819Colonialtown North2.81,135802Conway4.5933735Dover Shores East4.11,3331,049Engelwood Park9471,057 Holden Heights3.6NA944Kirkman North3.7998NAKirkman South1.2988935Lake Como5.2NA1,006Lake Eola Heights41,073873Lake Fredrica3.3866NAMariners Village5.8808774Metro West4.8908908
SOURCE: Zillow Inc.
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