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Market Report

West Palm Beach Multifamily
Market Report

3Q 2023

New Supply is Warranted as West Palm Beach is
Southeast Florida’s Fastest-Growing Market

Renter demand improves. Multifamily fundamentals are showing signs of stabilization in West Palm Beach. After falling into the red in 2022, positive net absorption returned during the first half of this year, suggesting renter demand is starting to pick back up. However, more than 1,000 units delivered during the second quarter, marking the largest three-month completion total in more than two decades. This influx of new supply placed upward pressure on vacancy, lifting the rate by 50 basis points during this span. Still, at 5.7 percent at midyear, the metro’s rate closely aligns with its long-term average, indicating market conditions are still tight by historical standards. While construction is expected to remain elevated in the near- to mid-term, completions should be well received. West Palm Beach is expected to outpace both Miami and Fort Lauderdale in population growth over the next five years, while currently boasting a median household income at least 6 percent higher than these markets.

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