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Market Report

West Palm Beach Multifamily
Market Report

2Q 2022

Continuing In-Migration, Job Gains Lead
to Second Year of Robust Rent Growth

Diverse job creation drives demand across rental tiers. The metro's traditional office-using employers marked a full job recovery before the end of 2021's first quarter. Job gains are continuing at a rapid pace, driven by a mix of the market's existing companies and big-name firms like Goldman Sachs transferring staff to recently-opened local offices. As the metro's home price to income ratio approaches pre-financial crisis peaks, many of these high-salary employees will be drawn to Class A rentals. Additionally, service job growth should contribute to performance in the market's Class C inventory, where rent gains have lagged Class A & B counterparts. Some labor market slack should bolster recruitment in the hospitality industry, signaling fewer headwinds for hiring here than in other tourism-heavy metros.

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