Broward and Palm Beach counties are enjoying a surge in apartment rents, as demand from young professionals and onetime homeowners continues to rise.
The average monthly rental rate in Broward reached $1,283 at the end of the second quarter of 2014, according to Texas-based MPF Research. That represents a 4.5 percent year-over-year gain. Broward ranked 12th out of the 100 largest U.S. metro areas in percentage of rent growth.
Palm Beach County’s average monthly rent finished the second quarter at $1,258. That also represented a 4.5 percent year-over-year increase. The county was a fraction behind Broward in the top 100 list, ranking 13th in percentage of rent growth.
“The demand tailwinds are strong for the apartment market,” MPF director of analytics Jay Parsons said, as cited by the Sun-Sentinel. “Home sales are coming back, but a lot of people see renting as a lifestyle choice. They’re choosing to rent a little bit longer, and they prefer the flexibility of renting.” [Sun-Sentinel] — Eric Kalis