Palm Beach County Apartment Rents Anticipated to Increase this Year
Commercial real estate brokerage firm, Marcus and Millichap, predicts that apartment rents in Palm Beach County will rise 4.5 percent this year reaching $1,381 a month.
The firm told the Palm Beach Post that this year’s increase is “much less than the extremely robust 8.2 percent jump registered during 2014.”
Palm Beach County is currently amidst a building boom. Nearly 500 apartments have already been completed with 1,700 more waiting to undergo construction.
Due to the increase of apartments, vacancy in Palm Beach County is predicted to slightly rise 5.9 percent.