Skip to main content

Market Report

West Palm Beach Multifamily Market Report

2025 Investment Forecast

Affluent Transplants Boost Household Growth,
Enabling Strong Property Performance and Attracting Investors

Record in-migration propels rent growth. West Palm Beach gained over 40,000 new residents last year — the highest total on record. This growth is expected to continue, aided by a larger financial services sector that attracts young professionals. Likewise, the city’s favorable climate and lower cost of living compared with Miami appeal to wealthier retirees and remote workers. This influx of affluent residents is projected to drive the fastest household income growth in the nation, bolstering demand for higher-end apartments. New supply in the city center should be well received after elevated leasing led to strong rent growth last year. Completions in the dense suburbs of Lake Worth Beach should also be quickly absorbed. Vacancy here remained the lowest among metro submarkets in 2024, driven by demand for modern units that are more affordable than those in the urban core. Moreover, completions are forecast to slow east of Interstate 95 and near Boca Raton, reinforcing property fundamentals in those areas while also spurring expectations for metrowide rent growth to rank among the fastest in the country.
TO READ THE FULL ARTICLE
MM Texture Background