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April 2020 West Palm Beach Rent Report
Welcome to the April 2020 West Palm Beach Rent Report. West Palm Beach rents increased over the past month. In this report, we'll evaluate trends in the West Palm Beach rental market, including comparisons to cities throughout the metro, state, and nation.
April 2020 West Palm Beach Rent Report
Welcome to the April 2020 West Palm Beach Rent Report. West Palm Beach rents increased over the past month. In this report, we'll evaluate trends in the West Palm Beach rental market, including comparisons to cities throughout the metro, state, and nation.
West Palm Beach rents increased over the past month
West Palm Beach rents have increased 0.1% over the past month, and have increased moderately by 2.3% in comparison to the same time last year. Currently, median rents in West Palm Beach stand at $1,106 for a one-bedroom apartment and $1,402 for a two-bedroom. West Palm Beach's year-over-year rent growth leads the state average of 2.2%, as well as the national average of 1.9%.
Rents rising across the Miami Metro
Throughout the past year, rent increases have been occurring not just in the city of West Palm Beach, but across the entire metro. Of the largest 10 cities that we have data for in the Miami metro, 8 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.
- Pembroke Pines has seen rents fall by 0.3% over the past year, the biggest drop in the metro. It's also the most expensive city in the Miami metro with a two-bedroom median of $2,408.
- Boca Raton has seen the fastest rent growth in the metro, with a year-over-year increase of 4.4%. The median two-bedroom there costs $1,935, while one-bedrooms go for $1,526.
- Miami Beach has the least expensive rents in the Miami metro, with a two-bedroom median of $1,300; rents grew 0.1% over the past month and 0.7% over the past year.
Many large cities nationwide show more affordable rents compared to West Palm Beach
As rents have increased moderately in West Palm Beach, a few large cities nationwide have seen rents grow more modestly, or in some cases, even decline. Compared to most large cities across the country, West Palm Beach is less affordable for renters.
- Rents increased moderately in other cities across the state, with Florida as a whole logging rent growth of 2.2% over the past year. For example, rents have grown by 3.0% in Tampa and 2.1% in Jacksonville.
- West Palm Beach's median two-bedroom rent of $1,402 is above the national average of $1,197. Nationwide, rents have grown by 1.9% over the past year compared to the 2.3% increase in West Palm Beach.
- While West Palm Beach's rents rose moderately over the past year, the city of San Francisco saw a decrease of 0.2%.
- Renters will generally find more expensive prices in West Palm Beach than most large cities. For example, Memphis has a median 2BR rent of $838, where West Palm Beach is more than one-and-a-half times that price.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.