The Real Deal Miami

Palm Beach apartment market grows

December 06, 2010 12:28AM

The Palm Beach County multi-family market is likely to see a modest
recovery due to projected job growth and the release of pent-up demand
for rental housing, according to the latest report from Marcus &
Millichap. The firm predicts that there will be a 140-basis-point decrease in vacancy in the next year, along with a 1.8 percent rise in asking rents, to about $1,081 per month in the county. The Boca Raton East submarket is performing strongest in the county, with a vacancy rate of just 4.7 percent, compared to The Boca Raton
East submarket is performing strongest in the county, with a vacancy
rate of just 4.7 percent, compared to 10 percent for North Palm Beach.
The West Palm Beach/Palm Beach metro area has a vacancy rate of around
8.7 percent, a decrease of 30 basis points from the same period in 2009.
TRD