The Real Deal Miami

West Palm vacancy rate expected to be eighth highest in U.S.

By Adam Pincus | January 12, 2009 04:29PM

The vacancy rate for residential buildings in West Palm Beach is
expected to be the eighth highest in the nation by the end of the year,
according to a forecast released today on rental apartments in the top
metropolitan centers of the United States.

The vacancy rate for West Palm Beach is expected to hit 9.9 percent
by December, up from 8.7 percent in 2008, according to the 2009
national apartment report by real estate investment services firm
Marcus & Millichap.

The city’s ranking plummeted to 39 among 43 metropolitan areas in
the U.S., compared to 24 last year, in the survey that considers
apartment vacancy rates, employment and construction data, housing
affordability and rents.

Miami’s position in the ranking fell one point to 19, while its
vacancy rate was expected to rise 1.2 points to 6.6 percent; and Fort
Lauderdale’s ranking fell 10 points to 25 with a vacancy rate rising
1.1 points to 7.9 percent.

The other Florida cities in the survey were Jacksonville, ranked 38
and expected to have the nation’s highest vacancy rate at 12.9 percent;
Orlando, ranked 32; and Tampa, ranked 41.

The top rental market in the nation was San Francisco, Cali. and the weakest was Charlotte, NC.