The current East Boca Raton single family home rental market is pretty discouraging for most people. Here’s what’s available for rent in some popular neighborhoods in the 33486 zip code according to the Palm Beach County MLS.
Camino Gardens – One 4 bedroom, 2 bath home for $3,650.00 per month.
Palm Beach Farms – Six homes ranging from $3,400.00 to $5,800.00 per month.
Carriage Hill – Nothing Available
Old Floresta – Nothing Available
Boca Square – Seven homes available ranging from $2,350.00 to $8,500.00. The $8,500.00 per month house is nicely remodeled and furnished…….but not $8,500.00 nice in my opinion.
Obviously, there aren’t a lot of affordable options. Those monthly rents are higher than most of the monthly mortgage payments homeowners are making in those same neighborhoods. These high rents are clearly a result of the high demand to live in the 33486 zip code, and the low inventory of homes for sale. The homes are located in an A-rated school zone, and within walking/biking distance to the beach and the downtown Boca Raton area.
Speaking of downtown Boca Raton, the massive apartment/condominium construction going on there will provide a tremendous supply of East Boca rental units. Will people who had their sights set on a single family home decide to rent a more affordable East Boca condo? Yes and no. I think people that merely like the idea of living in a single family home probably will, but those that absolutely need the space and privacy of a single family home won’t.
There are a ton of people who fall in the “don’t really need a single family home” category, so those units should fill up pretty fast. People renting in Central or West Boca can now move to the more lively, pedestrian East Boca and walk to the beach every day. Why would they not make the move?
Having said all of this, I don’t think the upcoming surge of East Boca apartment inventory will have much of an effect on East Boca single family home monthly rents. Why?
- Even though many people will choose to rent a more affordable condo, there are still plenty of people in the “absolutely need a single family home” category that want to live in East Boca. Therefore, that demand will still exist.
- Home sale prices in East Boca are still relatively high, which means most potential renters can’t afford to buy for the time being. This further adds to the demand for rental properties.
With regard to number 2 above, I don’t think East Boca home values are going to drop anytime soon either. When that downtown construction is complete, the rental units become occupied, and businesses flourish due to the huge increase in potential customers, the home values in East Boca will increase. We will see another boom in the East Boca real estate market very soon. At least this time the boom is supported by something real.
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