While the rent grew across all of South Florida, the central part of West Palm Beach is one of the areas with the sharpest surge of rates. Experts believe that this trend will remain unchanged in the nearest future.
Burt Minkoff, Real Estate Agent and Senior Director of Luxury Sales at Douglas Elliman in Palm Beach, says that the rent in the downtown of West Palm Beach has grown by 30% since last year. According to him, the highest monthly rent is currently $45,000. This is an exception, but high rentals are becoming more widespread in this area.
Mr. Minkoff has no doubt that the rentals will continue to grow in the foreseeable future. People are shocked by such rates. In 2018 or 2019, a good house on a large land plot quite close to the Intracoastal Waterway could be rented for $4,000 – $5,000 per month and now the rent has surged to $10,000 – $15,000 or higher in case of a new or large property.
Burt Minkoff says that this is true in the area from North Flagler Drive to Southern Boulevard. He also notes that most of the new tenants are young families moving to this district in search of a job or to enjoy South Florida as they work remotely. Many of them are renting homes as they wait for a purchase & sale deal to close or for construction of a recently purchased property to finish. Some companies and physical persons are taking advantage of high rents, buying as many houses in central West Palm Beach as possible.
Although the rent has declined slightly over the past months, this trend will not persevere, as the central part of West Palm Beach is still a desirable location for many people across the USA.