Palm Beach County Florida Residential Rent and Rental Statistics
The median monthly gross residential rent in Palm Beach County FL was $1,498 in 2019 according to the Census ACS survey.1 Average gross rent in Palm Beach County was $1,492 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Palm Beach County median and average rent data will be released in September of 2021.
Data is also available below for Palm Beach County rental vacancy rates, Palm Beach County rent as a percent of median income and the fraction of renters in Palm Beach County.
Real Gross Rent in Palm Beach County Florida (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Florida Median Gross Rent | $1,238 | +2.91% | +8.88% |
| Palm Beach County FL Median Gross Rent | $1,498 | +7.46% | +9.82% |
Palm Beach County FL Real Gross Rent Trends
At $1,498, real median gross rent in Palm Beach County was at its highest level in 2019 since the series began in 2005. At $1,492, real average gross rent in Palm Beach County was at its highest level in 2019 since the series began in 2005.
Real Gross Rent: Palm Beach County FL Median, Palm Beach County FL Average, Florida Median, US Median
Real Gross Rent History for Palm Beach County
| Date | US Median |
Florida Median |
Palm Beach County FL Median |
Palm Beach County FL Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,238 | $1,498 | $1,492 |
| 2018 | $1,077 | $1,203 | $1,394 | $1,414 |
| 2017 | $1,043 | $1,163 | $1,391 | $1,401 |
| 2016 | $1,027 | $1,137 | $1,364 | $1,363 |
| 2015 | $1,017 | $1,110 | $1,316 | $1,355 |
| 2014 | $986 | $1,059 | $1,219 | $1,269 |
| 2013 | $953 | $1,024 | $1,192 | $1,252 |
| 2012 | $940 | $1,015 | $1,187 | $1,207 |
| 2011 | $941 | $1,025 | $1,191 | $1,240 |
| 2010 | $955 | $1,058 | $1,233 | $1,267 |
| 2009 | $960 | $1,085 | $1,262 | $1,281 |
| 2007 | $927 | $1,087 | $1,299 | $1,344 |
| 2005 | $910 | $1,011 | $1,170 | $1,205 |
Palm Beach County Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Palm Beach County Florida was 6.08% according to Census ACS data.
Rental Vacancy Rate in Palm Beach County Florida
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Florida | 8.72% | +0.20% | +0.42% |
| Palm Beach County FL | 6.08% | -4.18% | -3.60% |
Trends in Palm Beach County FL Rental Vacancy Rate
The rental vacancy rate in Palm Beach County peaked in 2008 at 12.28%. Since then it has fallen by 6.20% to 6.08%. Data records for this series originated in 2005. From a 2015 post peak low of 5.90%, the rental vacancy rate has increased by 0.18%.
Rental Vacancy Rate: Palm Beach County FL, Florida, US
Historical Rental Vacancy Rate data for Palm Beach County
| Date | US | Florida | Palm Beach County FL |
|---|---|---|---|
| 2019 | 5.97% | 8.72% | 6.08% |
| 2018 | 6.15% | 8.52% | 10.26% |
| 2017 | 6.18% | 9.16% | 10.34% |
| 2016 | 5.89% | 8.30% | 9.68% |
| 2015 | 5.85% | 7.79% | 5.90% |
| 2014 | 6.32% | 8.66% | 6.13% |
| 2013 | 6.49% | 9.22% | 7.92% |
| 2012 | 6.77% | 9.37% | 9.00% |
| 2011 | 7.40% | 10.91% | 10.10% |
| 2010 | 8.17% | 12.17% | 10.96% |
| 2009 | 8.43% | 13.16% | 10.85% |
| 2007 | 7.87% | 11.55% | 10.63% |
| 2005 | 7.74% | 7.72% | 6.76% |
Rent as a Fraction of Income
Using median household income data for Palm Beach County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Palm Beach County, median monthly gross rent as a fraction of median household income was 26.98% in 2019 according to the ACS.
Palm Beach County Florida Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Florida | 25.08% | -0.49% | -0.54% |
| Palm Beach County FL | 26.98% | +0.35% | -0.17% |
Trends in Palm Beach County FL Rent as a Fraction of Income
The fraction of median Palm Beach County household income required to pay median monthly gross rent peaked in 2016 (relative to the 2005 series origin) at 27.16%. Since then it has fallen by 0.17% to 26.98%.
Fraction of Income towards Rent: Palm Beach County FL, Florida, US
Historical Data for Annual Rent as a Fraction of Income in Palm Beach County Florida
| Date | US | Florida | Palm Beach County FL |
|---|---|---|---|
| 2019 | 20.03% | 25.08% | 26.98% |
| 2018 | 20.50% | 25.57% | 26.63% |
| 2017 | 20.13% | 25.74% | 26.95% |
| 2016 | 20.43% | 25.62% | 27.16% |
| 2015 | 20.63% | 25.40% | 26.28% |
| 2014 | 20.89% | 25.36% | 26.55% |
| 2013 | 20.78% | 25.34% | 26.22% |
| 2012 | 20.65% | 25.42% | 26.12% |
| 2011 | 20.70% | 25.71% | 27.04% |
| 2010 | 20.50% | 25.59% | 26.54% |
| 2009 | 20.12% | 25.54% | 26.79% |
| 2007 | 18.66% | 23.22% | 24.83% |
| 2005 | 18.89% | 22.88% | 23.35% |
Renter Fraction in Palm Beach County Florida
You can calculate the renter fraction in Palm Beach County in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Palm Beach County as a fraction of total Palm Beach County households. In 2019 30.45% of households were renters according to Census ACS data.
Palm Beach County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Florida | 33.75% | -0.33% | -2.12% |
| Palm Beach County FL | 30.45% | +1.00% | -2.01% |
Trends in the Palm Beach County FL Renter Fraction
The Palm Beach County household renter fraction peaked in in 2015 at 32.73% and is now 2.28% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Palm Beach County FL, Florida, US
History of Palm Beach County Renter Fraction
| Date | US | Florida | Palm Beach County FL |
|---|---|---|---|
| 2019 | 35.89% | 33.75% | 30.45% |
| 2018 | 36.05% | 34.08% | 29.45% |
| 2017 | 36.13% | 34.85% | 30.52% |
| 2016 | 36.88% | 35.87% | 32.46% |
| 2015 | 36.97% | 36.22% | 32.73% |
| 2014 | 36.90% | 35.95% | 32.47% |
| 2013 | 36.50% | 35.21% | 30.52% |
| 2012 | 36.09% | 34.36% | 30.08% |
| 2011 | 35.42% | 33.28% | 29.44% |
| 2010 | 34.65% | 31.85% | 27.75% |
| 2009 | 34.13% | 31.52% | 27.94% |
| 2007 | 32.80% | 29.39% | 25.88% |
| 2005 | 33.10% | 30.43% | 26.33% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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