DT Orlando rent is CRAZY right now - few questions (Miami: real estate, 2013)

[annerk]

Originally Posted by WithDisp

Apartment groups are giant financial corporations- they have no intention of making less money by lowering rents. Significant construction of homes could, but both those new buildings will simply be more high priced apartments.

If there's a market for them, then they aren't "high priced."

[WithDisp]

Originally Posted by annerk

If there's a market for them, then they aren't "high priced."

Newer buildings downtown teeter on 50%. Skyhouse, Steelhouse, Cityview are sparce.
55W has more than it's ample share of vacancies too.


When the market is saturated with apartments, not condos- some people have no choice but to rent.
The reoccurring theme on a lot of the threads about housing in Orlando is that it's much more expensive than the pay for the area tends to dictate.

Owning is a LOT cheaper than renting around here... but the gateways into owning are a challenge because of efforts of investment groups.

People need to live somewhere however so there is always going to be a market for housing.
I'm sure the building operators would like to have 90%+ occupancy rates, however they aren't going to lower the rents to do such.

[Arcenal813]

Why would you live downtown anyway?
Try Maitland. Cheap apartments, relatively safe, and right off of I-4

[chopchop0]

Originally Posted by Arcenal352

Why would you live downtown anyway?
Try Maitland. Cheap apartments, relatively safe, and right off of I-4

yup, really walkable and next to the most open and empty part of I-4

[LordHomunculus]

Originally Posted by Arcenal352

Why would you live downtown anyway?
Try Maitland. Cheap apartments, relatively safe, and right off of I-4

DT Orlando is in the center of the action and one of the best spots in CFL for accessibility. Maitland, while its location isn't that bad compared to other areas in the Orlando metro, it just doesn't compete with DT Orlando.

[tinytrump]

most folks just don't get city living... they want to keep orlando like Colorado or Utah... Tampa is big but still a small town in mentality. I hope Orlando grows up to be and think like a metropolitan city. The traffic is here, the money as welll, let it grow! and if you cant take it live in Clermont or the many areas away from it all.

[idr591]

Originally Posted by Arcenal352

Why would you live downtown anyway?
Try Maitland. Cheap apartments, relatively safe, and right off of I-4

That's funny. Maitland: it's just like living downtown except not at all.

[Pete C]

Originally Posted by Arcenal352

Why would you live downtown anyway?
Try Maitland. Cheap apartments, relatively safe, and right off of I-4

Why? There are loads of resasons, and development is roaring back which will make downtown better than ever. I lived downtown and loved it. I have also lived in Maitland and currently Winter Park, and while nice...they are very different than living downtown where you can enjoy walking around to things much more. I wish to move back in the future.

[Arcenal813]

Downtown Orlando just doesn't give me that city vibe that other city cores provide.
Orlando has an identity crisis. It doesn't know whether it wants to be a large metropolis, or just another Urban Sprawl similar to Houston and Atlanta.
I agree with an above post:
Let DT Orlando grow. Let it develop. We already have too many large towns on the outskirts.

[Pete C]

Originally Posted by Arcenal352

Downtown Orlando just doesn't give me that city vibe that other city cores provide.
Orlando has an identity crisis. It doesn't know whether it wants to be a large metropolis, or just another Urban Sprawl similar to Houston and Atlanta.
I agree with an above post:
Let DT Orlando grow. Let it develop. We already have too many large towns on the outskirts.

Yeah but "Let it grow," which is what tinytrump said, doesn't mean don't live there or bother with it until it's worthy of a true downtown core. If everyone had that approach the city would never develop. Sprawl is already here and that isn't going away, however that doesn't mean downtown can't be built up in the coming years to be the focal point of the area.

While downtown Orlando might be very small, it is attractive and has had a lot of infill development over the last decade (more than Tampa and Jax) due to Buddy Dyer's vision for downtown. The recession really slowed things down, but life is returning and projects are coming back online. New apartment towers are being built in Thornton Park and up Orange Ave through uptown due to demand rather than speculation. Office space downtown has become desirable again. Red Lobster's HQ is returning to downtown with a huge new lease last week. The reason? They stated it was access to SunRail and amenities like DPAC and Amway Center for its employees. Central development pays off, and hopefully it will continue.

UCF is planning to build a downtown campus, which would be major. Tech startups are re-purposing old downtown spaces into tech co-ops. New hotels have opened (Aloft re-purposing OUC) and have been announced (Hyatt new construction) in the CBD, Orlando City's new stadium breaks ground this fall, and the Orlando Magic entertainment complex is on the horizon. Lots of stuff to be excited about.

I like the vision for downtown having everything in close proximity. My only real concern with Orlando is the lack of high paying jobs. We need more high paying jobs so that young professionals who want to live downtown can afford to do so.