The topic of at this time’s snapshot is West Palm Seaside, Florida. Based mostly on our evaluation, West Palm Seaside year-over-year common rents elevated throughout all bed room varieties.
Our customary neighborhood evaluation makes use of a 6-month “LookBack” to ascertain a median baseline lease. The outcomes from the 6-month LookBack evaluation are offered within the tables beneath for West Palm Seaside 2-3 bed room rents from April 1, 2021 – April 1, 2022:
Because the desk reveals, 2BR elevated by 51% from final yr or $1,021 extra, and the 3BR items elevated by 39% from final yr or $1,134 extra. As demonstrated by the desk, year-over-year efficiency for all chosen bed room varieties elevated in lease costs from final yr.
Market Exercise: West Palm Seaside, Florida
Are you curious about investing in West Palm Seaside? Location is a crucial issue to contemplate when discovering a worthwhile marketplace for a rental property. The important thing traits of location embrace a powerful financial system, a rising labor power, and excessive rental demand. Beneath are some fast details in regards to the West Palm Seaside rental market that may make it easier to together with your funding evaluation and general determination.
- Value-to-Hire Ratio
- Avg 2BR Home Value: $361,547 (In keeping with Redfin)
- Avg Annual 2BR Hire: $48,492 ($4,041 x 12 months)
- Inhabitants Development:
- Inhabitants elevated by 18% during the last decade from 2010-2020 (In keeping with US Census)
- Main Corporations & Establishments:
- Ocwen Monetary, Oxbow Carbon, St. Mary’s Medical Heart, Seacrest Companies, Florida Crystals, Island Hospitality Administration, PGA Nationwide Resort & Spa, Gulfstream Goodwill Industries
- Employment Development:
Employment grew by 7% (According to the U.S. Bureau of Labor Statistics)
About Rentometer
Rentometer is the #1 software for evaluating residential lease charges anyplace within the U.S. To succeed as an actual property investor, you want strong, present market intelligence that can assist you set the fitting lease charges in West Palm Seaside. Understanding native rents (and the components that drive them) may help cut back funding danger, enhance occupancy and enhance your money stream – and earnings. With Rentometer, you’ve native, present rents obtainable proper at your fingertips.
This text was written by the Rentometer Content material Workforce. The Rentometer Weblog options recent takes and insights on rental housing subjects, providers, and expertise.
