The supply of houses is not meeting the current demand since the beginning of 2020. Although, the pandemic plays a role in the state of the market there are other factors to consider when researching the cause of housing shortages in Orlando.
Zoning and land regulations can make it difficult to build new houses. This limits the supply and available land for new houses. “Minimum lot sizes” can deter newer home buyers or those who are looking for a smaller house and lower price. There is also a high demand for construction workers and the field is projected to grow five percent in 9 years. During the Great Recession, many of those in construction trades left their jobs; during 2021, we might be seeing a similar scenario. More skilled workers are leaving their jobs, the construction field needs about 150,000 newer workers to support the current demand for properties.
Many properties are also being turned into rentals or, especially in Orlando, apartments are more of a popular and convenient option. The demographic of Orlando is mostly that of the younger population with a median age of 33. Furthermore, 24 percent of those in Orlando go to the University of Central Florida. Around 500,000 students attend colleges within a 100-mile radius of Orlando.
These are only some of the many reasons to consider when finding out why there is a current housing shortage in Orlando. There are other social and economic factors that also play a part in that shortage.