The average monthly rent in Palm Beach County will rise 6.6 percent in 2015 to $1,404, real estate brokerage Marcus & Millichap predicted in a report released Tuesday.
Apartment rents rose 8 percent last year. A healthy job market and increasingly unaffordable home prices are pushing rents up, Marcus & Millichap said.
With vacancies low and rents up, a building boom is under way. Some 2,100 apartments are under construction and on schedule for delivery next year, including 1,100 units in Boca Raton, Marcus & Millichap said. Projects slated for delivery include the 104-unit Riverwalk Pointe in Jupiter, a senior complex, and 55 affordable rentals in La Joya Villages in Lake Worth.