Florida Inv | Jean Deglon
Apartment rents increasing as demand remains strong

Apartment rents increasing as demand remains strong

South Florida apartment dwellers are still feeling the pinch when it comes time to write that monthly rent check.

Average apartment rents in Broward and Palm Beach counties have been rising steadily in recent years, and the latest figures show landlords still have the upper hand.

Broward’s average rent in May was $1,676, five percent higher than a year ago and up 14 percent from May 2015, according to data from Reinhold P. Wolff Economic Research in Oakland Park.

Palm Beach County had the same May rent average as Broward, $1,676, which was a six percent increase from a year ago and 15 percent higher than two years ago.

Historically, rents increase at about three percent a year, but strong demand and lack of supply are slanting the market in landlords’ favor.

“Rents have moderated a little bit, but there’s still a ways to go,” said L. Keith White, president of Wolff.

Miami-Dade rents also increased in May, but at a slower pace. The average rent of $1,751 was up three percent from a year ago and nine percent from May 2015.

Developers this year are expected to deliver more than 15,500 units in the three counties, boosting the supply and giving renters some relief on costs, according to a report from the RealPage research firm in Richardson, Texas.

Still, another report shows that South Florida remains one of the worst areas of the country when it comes to building apartments.

Hoyt Advisory Services said the tri-county region ranks the fourth worst among 50 major metropolitan areas for adding apartments. Only Honolulu, Boston and Baltimore were worse.

Local regulations and the amount of available land to develop were among the factors restraining development.

Read more …

www.RSF-TRUST.com
#RealtyServicesFlorida
#JeanDeglon

Apartment rents increasing as demand remains strong South Florida apartment dwellers are still feeling the pinch when it comes time to write that monthly rent check. Average apartment rents in Broward and Palm Beach counties have been rising steadily in recent years, and the latest figures show landlords still have the upper hand. Broward’s average rent in May was $1,676, five percent higher than a year ago and up 14 percent from May 2015, according to data from Reinhold P. Wolff Economic Research in Oakland Park. Palm Beach County had the same May rent average as Broward, $1,676, which was a six percent increase from a year ago and 15 percent higher than two years ago. Historically, rents increase at about three percent a year, but strong demand and lack of supply are slanting the market in landlords’ favor. “Rents have moderated a little bit, but there’s still a ways to go,” said L. Keith White, president of Wolff. Miami-Dade rents also increased in May, but at a slower pace. The average rent of $1,751 was up three percent from a year ago and nine percent from May 2015. Developers this year are expected to deliver more than 15,500 units in the three counties, boosting the supply and giving renters some relief on costs, according to a report from the RealPage research firm in Richardson, Texas. Still, another report shows that South Florida remains one of the worst areas of the country when it comes to building apartments. Hoyt Advisory Services said the tri-county region ranks the fourth worst among 50 major metropolitan areas for adding apartments. Only Honolulu, Boston and Baltimore were worse. Local regulations and the amount of available land to develop were among the factors restraining development. Read more … http://www.sun-sentinel.com/real-estate/fl-bz-real-estate-col-apartment-rents-20170705-story.html www.RSF-TRUST.com #RealtyServicesFlorida #JeanDeglon

South Florida apartment dwellers are still feeling the pinch when it comes time to write that monthly rent check.
Average apartment rents in Broward and Palm Beach counties have been rising steadily in recent years, and the latest figures show landlords still have the upper hand.
Broward’s average rent in May was $1,676, five percent higher than a year ago and up 14 percent from May 2015, according to data from Reinhold P. Wolff Economic Research in Oakland Park.
Palm Beach County had the same May rent average as Broward, $1,676, which was a six percent increase from a year ago and 15 percent higher than two years ago.
Historically, rents increase at about three percent a year, but strong demand and lack of supply are slanting the market in landlords’ favor.
“Rents have moderated a little bit, but there’s still a ways to go,” said L. Keith White, president of Wolff.
Miami-Dade rents also increased in May, but at a slower pace. The average rent of $1,751 was up three percent from a year ago and nine percent from May 2015.
Developers this year are expected to deliver more than 15,500 units in the three counties, boosting the supply and giving renters some relief on costs, according to a report from the RealPage research firm in Richardson, Texas.
Still, another report shows that South Florida remains one of the worst areas of the country when it comes to building apartments.
Hoyt Advisory Services said the tri-county region ranks the fourth worst among 50 major metropolitan areas for adding apartments. Only Honolulu, Boston and Baltimore were worse.
Local regulations and the amount of available land to develop were among the factors restraining development.
Read more …
http://www.sun-sentinel.com/real-estate/fl-bz-real-estate-col-apartment-rents-20170705-story.html
www.RSF-TRUST.com
#RealtyServicesFlorida
#JeanDeglon


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