Broward, Palm Beach apartment rents on rise

Miami /
Jul.July 10, 2014 12:00 PM

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


Related Articles

arrow_forward_ios
(Credit: iStock)
Report: Multifamily rents rose 3.2% last year and will rise nearly 3% this year
Report: Multifamily rents rose 3.2% last year and will rise nearly 3% this year
Apartment rents in Miami are finally falling: report
Apartment rents in Miami are finally falling: report
Apartment rents in Miami are finally falling: report
Apartment rents in Boca are catching up to Miami, South Florida’s priciest city
Apartment rents in Boca are catching up to Miami, South Florida’s priciest city
Apartment rents in Boca are catching up to Miami, South Florida’s priciest city
Homestead and Sunrise see some of the fastest-rising rent growth: report
Homestead and Sunrise see some of the fastest-rising rent growth: report
Homestead and Sunrise see some of the fastest-rising rent growth: report
Fort Lauderdale sees biggest annual rent growth in Florida: report
Fort Lauderdale sees biggest annual rent growth in Florida: report
Fort Lauderdale sees biggest annual rent growth in Florida: report
Multifamily deals in SoFla totaled $3.6B through October, down from 2016
Multifamily deals in SoFla totaled $3.6B through October, down from 2016
Multifamily deals in SoFla totaled $3.6B through October, down from 2016
Miami renters spent more than 40% of median income on rent: Q3 report
Miami renters spent more than 40% of median income on rent: Q3 report
Miami renters spent more than 40% of median income on rent: Q3 report
Miami is the least affordable city for renters in the US: report
Miami is the least affordable city for renters in the US: report
Miami is the least affordable city for renters in the US: report
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...