Orlando’s Kissimmee/Osceola County Logs One of Nation’s Largest Apartment Supply Increases
Orlando’s Kissimmee/Osceola County had one of the fastest growing apartment inventories across the nation in calendar 2024.
Orlando added 14,012 new apartments in 2024, according to data from RealPage Market Analytics. That was one of the biggest delivery volumes nationwide last year, placing Orlando between typically strong Northeastern development markets Newark (15,300 units) and Washington, DC (13,300 units).
The Kissimmee/Osceola County submarket, located south of downtown Orlando, was responsible for about a quarter of Orlando’s delivery total in the past year. Orlando’s largest submarket includes Kissimmee, Celebration and St. Cloud and is known for its proximity to major tourist attractions like Walt Disney World Resort, Universal Orlando Resort and SeaWorld. The economy in this submarket has been improving, with job growth in sectors such as Leisure and Hospitality Services, anchored by the major theme parks. Specifically, most of the new apartment supply delivered in 2024 in Kissimmee/Osceola County came online in the northern portion of the submarket, in downtown Kissimmee and Hunter’s Creek.
Overall, Kissimmee/Osceola County logged delivery of 3,480 units in calendar 2024, accounting for 10% inventory growth. In fact, among the 996 submarkets in all the nation’s largest 150 apartment markets, Kissimmee/Osceola County ranked as one of the fastest growing in 2024, coming in at #17 right after North Central Austin (3,551 units) and just before Central Nashville (3,463 units).
Supply volumes have increased notably in Kissimmee/Osceola County in recent years. In the past decade, annual deliveries averaged closer to about 1,500 units. In calendar 2024, twice that volume came online. Despite a rapidly growing apartment base, demand volumes have kept up, with the submarket absorbing roughly 3,350 units in 2024, just shy of 3,480 units of supply.
Two other submarkets in Orlando deserve honorable mention. Also clustered south of downtown Orlando, Ocoee/Winter Garden/Clermont (2,947 units) and South Orange County (2,216 units) saw big completion volumes in the past year. Ocoee/Winter Garden/Clermont has the smallest existing unit base of the two, and 2024 completions grew that inventory by 16.4%. Among the submarkets in nation’s 150 largest markets, Ocoee/Winter Garden/Clermont ranked 24th for total growth in the past year.
Meanwhile, South Orange County’s inventory growth rate was smaller at 6.9% and ranked #42 in the nation’s largest 150 markets nationwide.
Orlando is also scheduled to continue to be a supply leader in calendar 2025. Kissimmee/Osceola County, Ocoee/Winter Garden/Clermont and South Orange County are slated to continue to grow fastest in the market, with those submarkets scheduled to see 59% of all new units in Orlando in 2025.
