More Than 2,465 Palm Beach County Properties Listed For Rent At Start Of South Florida Winter Buying Season

Palm Beach County Landlords Ask $1.70 PSF For Rental Properties Listed For Lease

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DOWNTOWN MIAMI (Jan. 9, 2020) - More than 2,465 residential rental properties are formally listed for lease in the South Florida county of Palm Beach County, according to a new report from Condo Vultures® Realty LLC. 

Based on completed leases of more than 1,000 residential properties monthly in the first nine months of 2019, Palm Beach County now has nearly a three-month supply of rentals - apartments, condos, efficiencies, multifamily and townhouses - available in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the start of the Winter Buying Season, according to the report based on data from the Southeast Florida MLS Matrix. 

A balanced market is generally considered to have about six months of supply. More months of supply listed for lease suggests a tenant’s advantage and less months typically indicates a landlord’s advantage in the market. 

It is worth noting that more than 1,200 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $1,700 per unit or $1.52 per square foot in Palm Beach County.

The median asking price of a Palm Beach County residential rental property currently listed for lease is about $1,850 per property monthly. This works out to a median asking price of $1.70 per square foot monthly, according to the data compiled by CondoVulturesRealty.com. 

In the first nine months of 2019, the median transaction price of a Palm Beach County residential rental property was $1,550 or $1.41 per square foot monthly, according to the data.

This means the current asking price of a Palm Beach County residential rental property listed for lease is more than 19 percent higher than the median transaction price achieved on a monthly per-property basis and nearly 21 percent higher than the median transaction price achieved on a monthly per-square-foot basis between January and September of last year. 

In the first three quarters of 2019, a landlord needed 24 days - on a median basis - to lease a Palm Beach County residential rental. The current median Days-On-The-Market rate for a Palm Beach County residential rental property listed for lease is about 51, according to the statistics. 

The number of Days-On-The-Market for the residential rental properties currently under contract is about 31 in Palm Beach County, according to the statistics.

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented acquisitions of condos in the tricounty region of Miami-Dade, Broward and Palm Beach.

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