Two endeavors to increase affordable housing in the Orlando, Florida, market are garnering headlines. Walt Disney World has earmarked nearly 80 acres of land in southwest Orange County for the development of more than 1,300 affordable housing units. Universal Parks & Resorts and developer Wendover Housing Partners also have revealed the initial development plan for Universal’s Housing for Tomorrow initiative, which also aims to address the area’s shortage of affordable housing. A year ago, Universal announced that it had pledged 20 acres of prime land in Orlando’s tourist corridor for 1,000 units of affordable and mixed-income housing.
The news comes at a time when rents are skyrocketing in Orlando as well as in other Florida markets. With an influx of people migrating to the Sunshine State, Orlando saw its year-over-year asking rents rise about 25% in March, according to Yardi Matrix. In addition, according to the National Low Income Housing Coalition, the Orlando metro only has 28 affordable and available units for every 100 households at or below 50% of the area median income.Read More