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Market Report

West Palm Beach Multifamily Market Report

3Q 2022

Corporate Relocations Drive Net In-Migration to West Palm Beach,
Spurring a Development Uptick

Inflation slows record demand surge. Tax exemptions and expedited permit reviews have helped attract notable companies to West Palm Beach, such as Goldman Sachs, Elliott Management and NewDay USA, in recent quarters. The strength of the labor market has spurred rapid population growth, with the metro adding nearly 44,000 new residents since 2020. The resulting expansion of the renter pool enabled vacancy to fall to 2 percent this year, a record low. However, fundamentals softened during the second quarter, as renters returned nearly 1,700 units back to the market from April to June. The average rent, which has risen nearly 40 percent since the end of 2019, prompted some residents to find roommates or relocate to more affordable areas amid widespread inflation. Nevertheless, renter demand is expected to improve over the second half, and vacancy will remain 190 basis points below the long-term average.
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