West Palm Beach Becomes South Florida’s Rent Growth Leader
Apartment operators across the three South Florida metros were raising rents at about the same pace towards the end of last year. Four months into 2019, however, only West Palm Beach operators are still going strong. Miami and Fort Lauderdale posted an uninspiring performance of just 2% rent growth in year-end April 2019, well below West Palm Beach’s 3.7% increase. These rent growth trends follow construction patterns in the region, as development activity recently spiked in both Miami and Fort Lauderdale. The number of units under construction at the end of April more than tripled the long-term average in Miami and doubled Fort Lauderdale’s average. West Palm Beach’s construction volume, however, tops the long-term average by only about 500 units. In the next 12 months, West Palm Beach should see about 1,700 new units, while Fort Lauderdale is scheduled to receive about 4,000 and Miami will see about 8,700.