Yup – rents are still rising in Palm Beach County. For the third straight month, net annual effective rent growth has widened. The net annual effective rent growth is a measure of much rent landlord receive after providing services and concessions to the tenant.
In April of 2015, rent growth in West Palm Beach was 6.4%. Further, occupancy rates were also up, coming in at a solid 95% rate.
This represents rental rate growth that is at the highest it’s ever been since 2011.
“Though the rate of rent growth has been steady the past several months, the fact that rents are rising at a 5 percent annual clip points to an extremely robust apartment market,” says Stephanie McCleskey, Axiometrics Vice President of Research.
Rent growth above 5% represents not just a healthy and stable rental market, but one that has room to grow even more.
This is a nationwide study but three Florida cities ranked near the top of the list in April for effective rent growth.
- Orlando: 6.7% rent growth, 95.6% occupancy rate
- West Palm Beach: 6.4% rent growth, 95.5% occupancy rate
- Fort Lauderdale: 6.3% rent growth, 95.8% occupancy rate
Investing in Palm Beach County Real Estate
Now is a GREAT time to look at purchasing that investment property you have been thinking of for so long! Interest rates are low, which means the cost to purchase an investment property over the life of the loan is historically lower than average.
If you have the cash available to purchase an investment rental property, you have the upper-hand in a sellers market that is saturated with buyers who are looking to finance their home.
Many of my clients are investors who are only interested in purchasing one and two-unit properties that demand and attract a solid market-value rent. Not only have I helped my clients identify what kind of investment property they want to purchase, but I’ve of course facilitated that purchase, and helped my client find their first tenant or tenants. But that’s not all – I also manage my client’s tenants and properties for a low yearly property management fee.
Learn more about investing in Palm Beach County properties to drive rental income here. Give me a call at 561-376-0985 to get on my e-mail notification list of available rental properties for sale!
Data by Axiometrics.