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Palm Beach County Market Landlords Ask $1.38 PSF Monthly For Residential Rental Properties

Less Than 4-Month Supply Of Residential Properties Listed For Rent In Palm Beach County

DOWNTOWN MIAMI (July 14, 2017) - Less than 320 residential rental properties are formally listed for lease in the South Florida county of Palm Beach, according to a new report from Condo Vultures® Realty LLC.

Based on completed leases of nearly 83 residential properties monthly in the first three months of 2017, Palm Beach County now has less than a four-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 Summer Buying Season, according to the report based on data from the Southeast Florida MLXchange. 

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 about 215 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $1,500 per unit or $1.25 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 $1,650 per property monthly. This works out to a median asking price of $1.38 per square foot monthly, according to the data compiled by CondoVulturesRealty.com

In the first quarter of 2017, the median transaction price of a Palm Beach County residential rental property was $1,450 or $1.30 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 nearly 14 percent higher than the median transaction price achieved on a monthly per-property basis and about six percent higher than the median transaction price achieved on a monthly per-square-foot basis between January and March of this year. 

Last quarter, a landlord needed 51 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 22, according to the statistics. 

The number of Days-On-The-Market for the residential rental properties currently under contract is nearly 38 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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