Year-Over-Year Rent Price Analysis
The subject of today’s snapshot is West Palm Beach, Florida. Based on our analysis, West Palm Beach year-over-year average rents increased across all bedroom types.
Our standard neighborhood analysis uses a 6-month “LookBack” to establish an average baseline rent. The results from the 6-month LookBack analysis are presented in the tables below for West Palm Beach 2-3 bedroom rents from April 1, 2021 – April 1, 2022:
As the table shows, 2BR increased by 51% from last year or $1,021 more, and the 3BR units increased by 39% from last year or $1,134 more. As demonstrated by the table, year-over-year performance for all selected bedroom types increased in rent prices from last year.
Market Activity: West Palm Beach, Florida
Are you interested in investing in West Palm Beach? Location is an important factor to consider when finding a profitable market for a rental property. The key characteristics of a good location include a strong economy, a growing labor force, and high rental demand. Below are some quick facts about the West Palm Beach rental market that can help you with your investment analysis and overall decision.
- Price-to-Rent Ratio
- Avg 2BR House Price: $361,547 (According to Redfin)
- Avg Annual 2BR Rent: $48,492 ($4,041 x 12 months)
- Price-to-Rent Ratio: 7
- Population Growth:
- Population increased by 18% over the last decade from 2010-2020 (According to US Census)
- Major Companies & Institutions:
- Ocwen Financial, Oxbow Carbon, St. Mary’s Medical Center, Seacrest Services, Florida Crystals, Island Hospitality Management, PGA National Resort & Spa, Gulfstream Goodwill Industries
- Employment Growth:
Employment grew by 7% (According to the U.S. Bureau of Labor Statistics)
About Rentometer
Rentometer is the #1 tool for comparing residential rent rates anywhere in the U.S. To succeed as a real estate investor, you need solid, current market intelligence to help you set the right rent rates in West Palm Beach. Understanding local rents (and the factors that drive them) can help reduce investment risk, increase occupancy and improve your cash flow – and income. With Rentometer, you have local, current rents available right at your fingertips.
This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology.