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Palm Beach, FL Rental Market Overview
Palm Beach County is the only County in South Florida to Forecast an Increase in Vacancies
While the CoreLogic's 2013 National Foreclosure Report continues to list Florida at the top of their rankings for foreclosure inventory levels, some rental markets in the Sunshine State, especially around Miami, Orlando, Jacksonville and Fort Lauderdale, continue to hold investor interest. Count West Palm Beach and Palm Beach Gardens among those interesting markets, but keep in mind that timing and patience are everything for small landlords seeking substantial returns. The Marcus & Millichap 2013 National Apartment Report ranked neighboring West Palm Beach 40th out of 44, noting that Palm Beach County is the only Southern Florida county that has an anticipated rise in vacancies because of a substantial completion of new apartment units in the area. In 2013 more than 1,100 units were built, which is more than the combined total of new apartments over the previous four years. The new construction could push the vacancy rate up to 6.1%.
But It's Not All Bad Newsâ€¦
The 2013 NAR remained optimistic about the market in Palm Beach County, citing that many property owners are using data from several quarters of improving performance to base their asking prices. Class B properties near shopping centers (including the Palm Beach Gardens Mall), office parks and resorts enjoy significant investor interest. Local investors appear to be active and are seeking opportunities to expand their current assets while foreign capital explores the region for alternatives to the more competitive markets in Broward and Miami-Dade counties. While Palm Beach Gardens offers significant inventories for small and independent investors, knowing exactly where to invest require more than searches on Zillow or Trulia before jumping into a car. That's why many private landlords consult with Palm Beach Gardens property managers when considering property purchases. In addition to providing maintenance, accounting and marketing services, many property management companies staff experienced real estate professionals who understand the local market. Because Palm Beach Gardens property management companies work directly with local clients and tenants, they have a unique perspective on the rental market that institutional investors will never discern from executive summaries and Powerpoint presentations. Gain new insights on your potential portfolio today. Review our listing of Palm Beach Gardens property management companies and then request your free information.