Developers idle in Palm Beach County, but apartment sector strengthens

While Palm Beach County’s apartment developers are still largely idle, rising demand for rentals has slashed the county’s vacancy rate and helped stabilize rents, according to a report from Marcus & Millichap. The firm projects vacancy in the county to fall by another 50 basis points to 6.4 percent his year, following a 60-basis-point reduction in 2011. Rents should rise by approximately 2.9 percent to an average of $1,133, according to the report. Around 200 new rental units are slated to come on line in 2012, a decline from 318 units in 2011. Two projects, the Alta Congress and Broadstone at North Boca Village, with a total of 396 units, will break ground this year, however. — Alexander Britell