The Palm Beach Rental Market

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Between 2010 and 2014, more than 40,000 people moved to Palm Beach County.  The good news is more apartments and condominiums are being built to meet the increasing population.  The bad news – as far as rent – is that many of these places are becoming more luxurious, and that comes with a higher price tag.  Zillow found that in December of 2015, the average rent for Palm Beach County was just over $1,800 a month, up from approximately $1,650 the year before. 

Palm Beach County offers more two bedroom apartments, or three bedroom apartments, for rent than any other size apartment, according to www.realtor.com.  With more than 13,000 and 11,800 apartments available, respectively, two or three bedroom apartments are the most popular.  One bedroom apartments, there are about 4,700 available, average rent price of almost $1,900.  In January, there were almost 40,000 rentals available in the county, with an average monthly rent of $2,860.  Almost 20 percent of the rentals were pet-friendly.


Market Overview

In the Palm Beach County housing market, houses and apartments are on the rise.  Condominium sales, however, are on the decline.  In 2001, 26,497 condos were sold.  By 2014, that number dwindled to 7,637. 

Reports from the Realtors Association of the Palm Beaches released data showing that near the end of 2015, the home sales were at an 18-month low.  Closed sales were down almost three percent, with the median sale price increasing 11.5 percent.  The median time on the market decreased 14.3 percent, down to 48 days from 56, with less and less inventory available.  Less than 6,000 listings were available, which increases demand.

 

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