South Florida apartment rents increasing faster than most of U.S.

Palm Beach at ninth and Broward at 13th in ranking of 50 largest metro areas

TRD MIAMI /
Dec.December 03, 2014 05:00 PM

Apartment rents are increasing in South Florida at a quicker pace than most of the country’s biggest metro areas.

In the third quarter, Palm Beach rents rose 5.3 percent from the same time in 2013, placing the county ninth among the 50 biggest metro areas, according to MPF Research. During the same period, Broward rents grew 4.4 percent, a 13th nationally.

The housing bust created growth in apartment rentals as owners began renting out units in large numbers.

The country’s rent growth was led by Oakland, Calif., with 9.1 percent; the national average is 3.7 percent. The continuing recovery of the housing market is expected to reduce demand for rentals, the South Florida Sun Sentinel reports.

However, rentals are expected to remain popular with millennials. Jay Parsons, MPF’s director of analytics and forecasts, said to the paper: “It’s certainly not going to knock it off a cliff.” [South Florida Sun Sentinel] — Chris Guanche


Related Articles

arrow_forward_ios
South Florida firm buys Sunrise apartment complex for $20.2M

South Florida firm buys Sunrise apartment complex for $20.2M

Motivated buyer: Grant Cardone borrows $93.5M for 501-unit Sunrise rental complex

Motivated buyer: Grant Cardone borrows $93.5M for 501-unit Sunrise rental complex

Opportunity Zone in Jacksonville is site of bank-financed apartment development

Opportunity Zone in Jacksonville is site of bank-financed apartment development

New apartment complex in downtown Sarasota sells for $444,444 per unit

New apartment complex in downtown Sarasota sells for $444,444 per unit

Joint venture in South Florida set to build 288-unit apartment complex near Daytona

Joint venture in South Florida set to build 288-unit apartment complex near Daytona

Rilea Group will tear down part of a Sunrise shopping center for a rental development

Rilea Group will tear down part of a Sunrise shopping center for a rental development

Miami city commissioners approve rezoning for mixed-use Blue Lagoon development

Miami city commissioners approve rezoning for mixed-use Blue Lagoon development

New apartments near Coral Gables hit the market with rents starting at nearly $2,000

New apartments near Coral Gables hit the market with rents starting at nearly $2,000

arrow_forward_ios
Loading...