More Than 3-Month Supply Of Residential Properties Listed For Rent In Downtown West Palm Beach And Palm Beach Island Market

Downtown West Palm Beach and Palm Beach Island Tenants Pay $1.97 PSF Monthly For Residential Rental Properties In 2019

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DOWNTOWN MIAMI (Jan. 2, 2020) - More than 235 residential rental properties are formally listed for lease in the Downtown West Palm Beach and Palm Beach Island area in the South Florida county of Palm Beach, according to a new report from Condo Vultures® Realty LLC. 

Based on completed leases of about 71 residential properties monthly in the first nine months of 2019, the Downtown West Palm Beach and Palm Beach Island area now has more than 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 this year’s 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 nearly 65 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $1,850 per unit or $1.96 per square foot in the Downtown West Palm Beach and Palm Beach Island area.

The median asking price of a Downtown West Palm Beach and Palm Beach Island area residential rental property currently listed for lease is about $2,350 per property monthly. This works out to a median asking price of $2.41 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 Downtown West Palm Beach and Palm Beach Island area residential rental property was about $1,775 or $1.97 per square foot monthly, according to the data. 

This means the current asking price of a Downtown West Palm Beach and Palm Beach Island area residential rental property listed for lease is about 32 percent higher than the median transaction price achieved on a monthly per-property basis and about 22 percent higher than the median transaction price achieved on a monthly per-square-foot basis between January and September of this year.

In the first three quarters of 2019, a landlord needed 24 days - on a median basis - to lease a Downtown West Palm Beach and Palm Beach Island residential rental. The current median Days-On-The-Market rate for a Downtown West Palm Beach and Palm Beach Island residential rental property listed for lease is about 56, according to the statistics. 

The number of Days-On-The-Market for the residential rental properties currently under contract is about 38 in the Downtown West Palm Beach and Palm Beach Island area, 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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