Palm Beach Relocation Guide

SPR-SUM 2016

The Palm Beach Relocation Guide is Palm Beach County's most respected relocation publication and is a MUST for anyone considering visiting, moving to, living in, or just wants to learn more about the Palm Beaches.

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P A L M B E A C H R E L O C A T I O N G U I D E . C O M 77 Zillow found that in December of 2015, the average rent for Palm Beach County was just over $1,800 a month, up from approxi- mately $1,650 the year before. Palm Beach County offers more two bedroom apartments, or three bedroom apartments, for rent than any other size apartment, according to www.realtor.com. With more than 13,000 and 11,800 apart- ments available, respectively, two or three bedroom apartments are the most popular. One bedroom apartments, there are about 4,700 available, average rent price of almost $1,900. In January, there were almost 40,000 rentals available in the county, with an average monthly rent of $2,860. Almost 20 percent of the rentals were pet-friendly. MARKET OVERVIEW In the Palm Beach County housing market, houses and apartments are on the rise. Condominium sales, however, are on the decline. In 2001, 26,497 condos were sold. By 2014, that number dwindled to 7,637. Reports from the Realtors ® Association of the Palm Beaches released data showing that near the end of 2015, the home sales were at an 18-month low. Closed sales were down almost three percent, with the median sale price increasing 11.5 percent. The median time on the market decreased 14.3 percent, down to 48 days from 56, with less and less inventory available. Less than 6,000 listings were available, which increases demand. CONDO & APARTMENT LIVING DIFFERENCES Condo life and apartment life are both similar and different. Many of both include amenities, central locations, parking and somewhere to live. However, apartment complexes are owned by a company or person and run by a property manager. Condos are owned by individuals, similar to owning a home, except that condos are typi- cally in clustered buildings or high-rises. Renting an apartment typically requires inter- action with a property manager and often a larger company. This comes in handy when there are problems – the company won't want to look bad or receive negative feedback and will often work quickly to remedy any issues. Renting a condo has its benefits, also, such as potentially more luxurious accommoda- tions, better amenities and personalization. However, the downfall of renting a condo is that the owner typically does not own and rent many properties. The owner may be inattentive, or too busy and slow in responding. Research is important, as is getting to know the owner before signing the dotted line. Between 2010 and 2014, more than 40,000 people moved to Palm Beach County. The good news is more apartments and condominiums are being built to meet the increasing population. The bad news – as far as rent – is that many of these places are becoming more luxurious, and that comes with a higher price tag. APARTMENT + CONDO Living

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