Delray Beach - Boynton Beach Rental Market In Transition At End Of Winter Season
A review of the latest rental statistics shows the median asking price in the Delray Beach - Boynton Beach market is about $2.90 per square foot monthly.
We have crunched the statistics for the Year 2023 and plan on publishing a series of reports during this week on CondoVultures.com looking at the winners and losers in the Delray Beach - Boynton Beach market in Central Palm Beach County. If you want the reports emailed to you, just sign up for the Miami Condo Market Intelligence Report With Peter Zalewski™ newsletter at: PeterZalewski.substack.com
The Delray Beach - Boynton Beach rental market is a landlords market with about 5.5 months of supply currently listed for lease in the final month of the South Florida Winter Buying Season, according to an analysis of statistics compiled by CondoVulturesRealty.com.
The Delray Beach - Boynton Beach is defined for this report as Spanish River Boulevard north to Lake Avenue, and Atlantic Ocean and Interstate 95.
In the 12 months of 2023, tenants leased an average of about 150 units per month for a total of more than 1,800 units between January and December.
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Based on the current active listings in the Multiple Listing Service – a database used by Realtors to market condos – the Delray Beach - Boynton Beach area is still in a landlords market with a supply of nearly 825 units available for lease.
Generally, six months of supply is considered equilibrium for the housing market. Less months indicates a sellers market and more months points to a buyers market from a negotiating perspective.
This is an about-face from the sellers market of the pandemic years when a plethora of work-from-home employees relocated to South Florida from places such as California, Illinois and New York. The influx of transplants to South Florida bought up or leased out much of the available housing supply, which increased prices and triggered new development.
Rising property values from strong demand, skyrocketing insurance prices following the Surfside condo collapse disaster and high interest rates from a series of hikes by the Federal Reserve brought the South Florida housing market to a standstill in the second half of 2023.
Industry watchers are at odds as to the direction of the South Florida housing market in 2024. Bullish investors are predicting housing demand will reignite once interest rates begin to fall. Bearish investors contend that home prices are too high and likely to collapse in the months ahead.