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Market Report

West Palm Beach Multifamily Market Report

2Q 2024

Strong Demand Helps West Palm Beach Limit Concessions,
Contrasting Comparable Markets

Region’s least vacant Class A segment supports new supply. All three Southeast Florida markets had similar inventory growth rates between 2.4 and 2.6 percent year-over-year in March 2024. West Palm Beach’s demand for new high-end supply stood out, however. Miami and Fort Lauderdale logged corresponding 50- to 70-basis-point annual Class A vacancy hikes, while the metro’s rate adjusted upward by only 10 basis points. As a result, West Palm Beach’s 4.8 percent Class A vacancy in the first quarter was not only the lowest in Southeast Florida, but for the entire Sun Belt region as well. This is helping limit the need for concessions, a metric that has surged in many parallel locations contending with historic development. In the first quarter, roughly 7.3 percent of local apartments were offering concessions, the lowest share in Florida and a rate that was half as large as at least 10 other major Sun Belt metros. 
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