Palm Beach County apartment rents jumped 9.1 percent in 2015. This year, they’ll climb 5.1 percent, to an average of $1,510, predicts commercial real estate brokerage Marcus & Millichap.
The more modest rent increases reflect a slowing job market. Palm Beach County posted 3.9 percent job growth last year, a pace that Marcus & Millichap expects to fall to 3.1 percent this year.
Meanwhile, the supply of new units is catching up to demand. Developers plan to add 4,400 new apartments to Palm Beach County’s rental market by 2017.