Palm Beach Leasing Jumps 10% As Rents Stall In Winter Buying Season
A review of the Palm Beach County statistics shows the median monthly rental rate per square foot was about $2.27 in the Winter Buying Season, unchanged from a year earlier.
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As South Florida condo prices appreciate to the highest levels in recent memory, the number of leases completed in Palm Beach County increased by more than 10 percent during the recently concluded 2023-24 Winter Buying Season, according to an analysis of statistics compiled by CondoVulturesRealty.com.
As leasing activity jumped by double digits, the median rental rate per square foot monthly increased less than one percent in the 2023-24 season compared to the 2022-23 season.
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The Winter Buying Season traditionally stretches from November through April when visitors flock to South Florida to take advantage of the weather, events and vibe.
Tenants leased nearly 6,500 residences - apartments, condos, efficiencies multifamily units and townhouses - in Palm Beach County County in the 2023-24 season. By comparison, renters leased nearly 5,900 residences in the 2022-23 season. That represents more than a 10 percent increase in total lease transactions.
This is the second consecutive season that residential leases were up double digits percentage wise, following a deep drop in the 2021-22 season when nearly 4,940 leases were completed.
In reviewing the statistics from the last decade, the 2021-22 season ranks as the worst leasing period since at least the 2013-14 season.
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It is worth noting, a total of nearly 66,550 residential leases were completed during the Winter Buying Seasons spanning from the 2013-14 season through the 2023-24 season. That’s an average of nearly 6,050 lease transactions per season.
During the 2020-21 season, nearly 4,940 Palm Beach County leases were completed in a six-month span as stay-at-home orders from the pandemic were lifted and a plethora of work-from-home employees relocated to South Florida from places such as California, Illinois and New York.
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.