Occupancy in the Orlando apartment market pushed ahead of the U.S. average in September, after trailing behind for much of the past year. Occupancy in Orlando hit 97.8% in September, the strongest showing this market has seen in at least two decades. While U.S. occupancy is also at a recent high, the national rate is a bit lower at 97.3%. In 2019, occupancy in Orlando generally hovered right around the U.S. average. Then, when the COVID-19 pandemic hit and the accompanying recession disproportionately affected hospitality jobs, Orlando occupancy took a dive that was worse than what was seen in the country overall. After bottoming out at 94.6% in June 2020, however, occupancy in Orlando started regaining strength once again before pushing ahead of the national norm in recent months. Class C boasted the strongest occupancy performance in Orlando in September, with a rate of 98.4%, followed closely by Class B units, with a showing of 98%. While Class A occupancy lagged the other asset classes at 97.4%, that was still a record showing for the luxury stock.
