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Developers idle in Palm Beach County, but apartment sector strengthens
![](https://static.therealdeal.com/wp-content/uploads/2012/02/boca.jpg)
While Palm Beach County’s apartment developers are still largely idle, rising demand for rentals has slashed the county’s vacancy rate and helped stabilize rents, according to a report from Marcus & Millichap. The firm projects vacancy in the county to fall by another 50 basis points to 6.4 percent his year, following a 60-basis-point reduction in 2011. Rents should rise by approximately 2.9 percent to an average of $1,133, according to the report. Around 200 new rental units are slated to come on line in 2012, a decline from 318 units in 2011. Two projects, the Alta Congress and Broadstone at North Boca Village, with a total of 396 units, will break ground this year, however. — Alexander Britell
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