West 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 West Palm Beach, Florida rental market.
West Palm Beach, Florida
Average Apartment Rent
$2,387
Y-o-Y Change in Average
Apartment Rent
5.6%
As of November 2024
Compared to a year ago, West Palm Beach, Florida apartments have recorded a 5.6% rent increase.
West Palm Beach, Florida Average apartment rent trend
West Palm Beach, Florida Average Apartment Rent
West Palm Beach, Florida Apartment rent ranges
At 60.83%, apartments priced Over $2,000 represent the bulk of West Palm Beach, Florida rentals, while condos priced $700 - $1000 hold the lowest share of the market – 0.27%.
West Palm Beach, Florida Housing tenure**
Renters take up 50% of West Palm Beach, Florida real estate, occupying a total of 24,796 units, while homeowners live in 24,552 properties.
Median number of rooms of renter-occupied housing units**
3.8
Renter median household income**
$50,343
Average household size of renter-occupied housing units**
2.27
Rental vacancy rate**
6.7%
West Palm Beach, Florida Renter-occupied housing units by no. of bedrooms**
There are 11,184 rentals in West Palm Beach, Florida with 2 beds making up the highest share of the market, at 45%. Units with 4 beds, on the other hand, hold the lowest percentage (1%), amounting to 295 units. Overall, the median number of rooms in West Palm Beach, Florida homes for rent is 3.8.
West Palm Beach, Florida Renter-occupied units by age of householder**
Most condos for rent in West Palm Beach, Florida are occupied by residents in the 25 - 34 years age group (27%), followed by those in the 35 - 44 years age group (21%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 3%.
West Palm Beach, Florida Renter-occupied housing units by family type**
West Palm Beach, Florida Renter-occupied housing units by the presence of own children**
A total of 11,643 apartments for rent in West Palm Beach, Florida, or 47% of all rentals are family households. Additionally, 25% of rental homes include children under the age of 18 – that’s 6,202 units. All in all, the median size of a renter-occupied household in West Palm Beach, Florida is 2.27.
West Palm Beach, Florida Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 34% of the rental market. In contrast, residents with less than a high school degree reside in 14% of the homes for rent in West Palm Beach, Florida.
West Palm Beach, Florida Renter-occupied units by year structure built**
The highest share of West Palm Beach, Florida apartment rentals, namely 19% or 4,755 units, were Built 2000 - 2009, followed by those Built 1980 - 1989 (17%, 4,203 units), and the ones Built 1970 - 1979 (14%, 3,552 units).
West Palm Beach, Florida Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most West Palm Beach, Florida renters (42%) moved in 2010 to 2017, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their West Palm Beach, Florida condos for rent is 2018.
West Palm Beach, Florida Renter-occupied housing units by vehicles available**
When it comes to transportation options, 56% of West Palm Beach, Florida renters have 1 vehicle available per household, 26% of them have 2 vehicles available, and 13% have No vehicle available.
West Palm Beach, Florida Means of transportation to work of householders living in renter-occupied housing units**
West Palm Beach, Florida Geographical mobility in the past year for householders living in renter-occupied housing units**
West 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 West 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
