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MULTIFAMILY INVESTMENT SOUTH FLORIDA TEAM
| SOUTH FLORIDA
Cushman & Wakefield
PALM BEACH
MULTIFAMILY MARKET SUMMARY
CONTINUED
SUBMARKET
UNITS
ASKING
RENT
ASKING
RENT PSF
ASKING
RENT
GROWTH
EFFECTIVE
RENT
EFFECTIVE
RENT PSF
EFFECTIVE
RENT
GROWTH
VACANCY
NET
ABSORPTION
DELIVERED
UNITS
Belle Glade
2,111
$670
$0.85
1.3% $667
$0.84
1.4% 8.6% 5
-
Boca Raton
12,641
$1,772 $1.70
1.3% $1,741
$1.67
0.0% 8.8% 245
-
Boynton Beach
9,910 $1,368 $1.30
1.4% $1,345
$1.28
0.4% 7.4% 107
-
Delray Beach
5,284 $1,622 $1.49
3.0% $1,572
$1.44
0.1% 6.2% -8
-
Greenacres
7,142 $1,077 $1.16
0.5% $1,071
$1.15
0.5% 4.8% -4
118
Outlying Palm Beach
County
193
$666
$1.05
0.1% $664
$1.05
0.2% 4.6% 1
-
Palm Beach Gardens/
Jupiter
7,455 $1,510 $1.40
0.6% $1,508
$1.39
0.7% 5.6% 29
-
Royal Palm Beach/
Wellington
6,087 $1,441 $1.31
-0.1% $1,399
$1.30
-0.1% 6.4% -5
-
West Palm Beach
17,653 $1,209 $1.31
0.3% $1,204
$1.30
0.2% 5.3% 36
-
TOTAL/AVERAGE
68,476 $1,411
$1.39
0.6% $1,387
$1.37
-0.3% 6.3% 406
118
• In the three months of 2017, there were 5 apartment sales totaling $45 million with a median
price of $137,381 per unit or $147 per square foot.
• For a ninth year in a row, average asking and effective rents were at record levels. Year-to-
date, average asking rents grew by 0.6%. This is below the record 8.1% rent increase from
2015.
• Vacancies increased in 2016 to a 6-year high of 6.9%. This was due to new supply out-pacing
net absorption.
• There are 3,634 units forecasted for delivery to market. This represents only 5.3% of the
current inventory in the market.
• Year-to-date net absorption was over 400 units. Net absorption outpaced new supply by
almost 300 units contributing to a slightly lower vacancy rate.
• Last year, median salary income in Palm Beach increased by +/- 4.1%, the second biggest
increase since 2007. Population has grown by 103,000 in the past five years.
*Data as of March-2017, apartment sales of 10 units or more, in excess of $1MM in pricing, excluding
all condo sales