Palm Beach, Florida Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Palm Beach, Florida rental market.
Palm Beach, Florida
Average Apartment Rent
$11,533
Y-o-Y Change in Average
Apartment Rent
-0.6%
As of November 2024
Compared to a year ago, Palm Beach, Florida apartments have recorded a -0.6% rent decrease.
Palm Beach, Florida Average apartment rent trend
Palm Beach, Florida Average Apartment Rent
Palm Beach, Florida Housing tenure**
Renters take up 16% of Palm Beach, Florida real estate, occupying a total of 851 units, while homeowners live in 4,519 properties.
Median number of rooms of renter-occupied housing units**
4.1
Renter median household income**
$92,153
Average household size of renter-occupied housing units**
1.71
Rental vacancy rate**
13.3%
Palm Beach, Florida Renter-occupied housing units by no. of bedrooms**
There are 438 rentals in Palm Beach, Florida with 2 beds making up the highest share of the market, at 51%. Units with 5 or more beds, on the other hand, hold the lowest percentage (2%), amounting to 17 units. Overall, the median number of rooms in Palm Beach, Florida homes for rent is 4.1.
Palm Beach, Florida Renter-occupied units by age of householder**
Most condos for rent in Palm Beach, Florida are occupied by residents in the 65 - 74 years age group (34%), followed by those in the 85 years and over age group (17%). At the same time, people in the 15 - 24 years age group make up the lowest share of the local rental market – 2%.
Palm Beach, Florida Renter-occupied housing units by family type**
Palm Beach, Florida Renter-occupied housing units by the presence of own children**
A total of 416 apartments for rent in Palm Beach, Florida, or 49% of all rentals are family households. Additionally, 4% of rental homes include children under the age of 18 – that’s 32 units. All in all, the median size of a renter-occupied household in Palm Beach, Florida is 1.71.
Palm Beach, Florida Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 68% of the rental market. In contrast, residents with less than a high school degree reside in 7% of the homes for rent in Palm Beach, Florida.
Palm Beach, Florida Renter-occupied units by year structure built**
The highest share of Palm Beach, Florida apartment rentals, namely 40% or 339 units, were Built 1960 - 1969, followed by those Built 1970 - 1979 (15%, 128 units), and the ones Built 1939 or earlier (14%, 122 units).
Palm Beach, Florida Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most Palm Beach, Florida renters (53%) moved in 2018 to 2020, while only 3% of them moved in 2021 or later. Overall, the median year renters have occupied their Palm Beach, Florida condos for rent is 2018.
Palm Beach, Florida Renter-occupied housing units by vehicles available**
When it comes to transportation options, 66% of Palm Beach, Florida renters have 1 vehicle available per household, 13% of them have 2 vehicles available, and 13% have No vehicle available.
Palm Beach, Florida Means of transportation to work of householders living in renter-occupied housing units**
Palm Beach, Florida Geographical mobility in the past year for householders living in renter-occupied housing units**
Palm Beach, Florida Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Palm Beach, Florida apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
