Broward and Palm Beach counties are enjoying a surge in apartment rents, as demand from young professionals and onetime homeowners continues to rise.
The average monthly rental rate in Broward reached $1,283 at the end of the second quarter of 2014, according to Texas-based MPF Research. That represents a 4.5 percent year-over-year gain. Broward ranked 12th out of the 100 largest U.S. metro areas in percentage of rent growth.
Palm Beach County’s average monthly rent finished the second quarter at $1,258. That also represented a 4.5 percent year-over-year increase. The county was a fraction behind Broward in the top 100 list, ranking 13th in percentage of rent growth.