The Real Deal Miami

Palm Beach rents expected to rise 3.8 percent as demand surges

May 29, 2012 03:45PM

The boom in demand for rentals, coupled with dwindling inventory – even as developers race to build multi-family housing in South Florida – is driving prices up fast, the Palm Beach Post reported. Despite the affordability of South Florida’s housing market, bad credit and slow lending are driving former homeowners toward rentals. “We’ve seen places jump $100 just like that,” said Dan Gallien, president of West Palm Beach-based Rent 1 Sale 1 Realty. “We tell people to offer full price. You don’t mess around for $50.” [Palm Beach Post]