Landlords Ask $3,900 Monthly For Rentals In Downtown West Palm Beach And Island Market
A review of the latest rental statistics shows the median asking price in the Downtown West Palm Beach And Island market is about $3.77 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 Downtown West Palm Beach And Island market in Northeast 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 Downtown West Palm Beach And Island rental market is a landlords market with about 5.2 months of supply currently listed for lease at the end of the South Florida Winter Buying Season, according to an analysis of statistics compiled by CondoVulturesRealty.com.
The Downtown West Palm Beach And Island market is defined for this report as Southern Boulevard north to Palm Beach Lakes Boulevard / Atlantic Avenue, and the Atlantic Ocean west to Interstate 95.
In the 12 months of 2023, tenants leased an average of nearly 70 units per month for a total of more than 835 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 Downtown West Palm Beach And Island area is in a landlords market with a supply of nearly 365 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.