West Palm Beach Multifamily Market Report

Affluent households underpin leasing strength. Steady job growth in early 2025 supported multifamily demand across West Palm Beach, pushing metrowide vacancy to its lowest level since 2022. Central submarkets like Lake Worth Beach and the down town district sustained elevated leasing for new supply. Stable hiring in blue-collar sectors and relatively higher-income renters at the lower end — reflected in the highest Class C rents among major Florida metros — may al so be reinforcing demand for lower-tier properties. In contrast, suburbs such as North Palm Beach and Delray Beach have experienced more tempered demand for higher-end rentals. Should broader labor market conditions soften, this bifurcation could widen, potentially leading the urban core to outperform.