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Market Report

West Palm Beach Multifamily Investment Forecast

2020 Outlook

Wave of New Residents Relocate to Palm Beach County, Lifting Rental Demand

Revitalized corridors and steady hiring support rental demand. Florida’s favorable tax structure and a warm climate make Palm Beach County a haven for retirees, leading to some of the strongest in-migration trends in the nation this year as slightly over 30,000 will move to the county. On top of robust growth of the 65 and older cohort, the market has become increasingly attractive to young professionals as West Palm Beach continues to draw more major companies and tech firms. The 20- to 34-year-old cohort, a substantial driver to the apartment sector, is anticipated to grow at a greater rate here than the rest of South Florida as revitalized areas of the market, modern rentals and job opportunities beckon new residents. In response to healthy demographics and stable rental demand, developers remain active in the market as they were underway on nearly 4,000 units at the onset of 2020. Boynton Beach and Delray Beach are prime targets of new development for their rapidly transforming downtown districts along with recording balanced supply gains this cycle.

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