West Palm Beach Townhouse Rental Forecast for 2010
West Palm Beach Townhouse Rental Forecast 4th quarter 2010:
Our West Palm Beach townhouse rental forecast for the 4th quarter of 2010 remains a landlord’s market. The supply of townhouses for rent is tight and is expected to remain so for the remainder of the year. This has put some upward pressure on town home rental rates.
We are experiencing the long term effects of the condo conversion craze. The apartments that were converted to condos and placed on the market by investors are slowly selling off (reduced supply). Plus the additional rental demand from owners turned renters due to foreclosures (increased demand) has helped turn the market from a renter’s market to a landlord’s market.
Contrary to popular belief, seasonal renters will not effect the supply since they tend to rent furnished properties. Our townhouse rental forecast is for unfurnished town homes for rent only.
East WPB
There is still good availability for 2 bedroom townhouses at Cityside Townhomes located east of I-95 off Congress Ave. Availability of three and four bedroom townhouses for rent at Cityside remains limited.
There is limited availability for townhouses for rent in downtown West Palm Beach. Elan in the City and Magnolia Court have some.
Elan in the City
Magnolia Court
Village Area
The supply of Village area townhouses for rent is tight but there remains a good selection between Sandalwood Townhomes, Heritage Village, Waterside Luxury Townhomes, Jonathan’s Cove, Palm Club West and Lakeside Green. Sandalwood, Heritage Village and Waterside are two bedroom quad style town homes with private fenced courtyards.
Sandalwood, Heritage Village and Waterside
Jonathan’s Cove and Palm Club West are traditional style townhouses and Lakeside Green are one story villa style.
Jonathan’s Cove
Jog Rd - Okeechobee Blvd Area
The Links at Emerald Dunes and Andros Isle near Jog Road and Okeechobee Blvd are popular communities that have availability. Independence Bay, just south of Belvedere also has availability but the Homeowners Association’s approval process has become extremely difficult for renters.
Briar Bay and Park Place Townhomes also have limited availability.
Briar Bay
South WPB
There is still a good selection of townhouses for rent in south West Palm Beach in the Congress to Jog Road area near Forest Hill Blvd. Rental rates and the selection remain good at Abbey Park, Timberline Lakes, Somerset, Alpine, Summit Lake, Quail Hollow, and Knollwood. Victoria Woods, a single family and townhome community, also has availability.
These are some of the more popular townhouse communities. Availability changes daily so please feel free to call for an update.
It is becoming increasingly difficult to negotiate lower rents with landlords as opposed to a year ago. Remember that negotiating a property for rent is different than negotiating a property for sale. Rental properties tend to go fast. Owners will generally accept the best offer first without giving others a chance to counter offer.
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