Developers take notice of demand for apartment rentals

2400 units planned for Southern Palm Beach County

BOCA RATON, Fla. - Stan Marshall works as a healthcare consultant, but he feels like he's got another full time job.

"South Florida is one of the most difficult places I've looked to rent," says Marshall.
After losing his home to a foreclosure in Arizona, buying isn't an option for Marshall.
"It's difficult with that kind of past."
It's a past that is pushing him and many others to rent. Local real estate investment experts say the growing need is the catalyst behind plans to develop new apartment buildings in southern Palm Beach County.
"There's sufficient demand among renters to justify development which brings capital and debt is more available, conditions are in favor of development,especially for market rate rentals," says Still Hunter, a Senior Vice President with the real estate investment firm Marcus & Millichap.
From Boca Raton to Boynton Beach, Hunter estimates developers are planning 2400 new rental units. A Boca Raton developer has sights set on this piece of land in Delray Beach off of Old Germantown Road. The plan calls for townhouses - more than 100 of them.
"More buildings are being built and planned as the economy is cranking back up. New apartments will be a part of that going forward," says Hunter.
That's exactly what renters like Marshall want to hear, except it's not happening fast enough for him. He wants to find a place within two weeks.
"There's so many more renters out there due to the housing market, it's tough to buy and get approved for a loan. And what is available to rent is already rented," says Marshall.
Marshall will have to get used to the competition, there are no signs the rental market will cool down anytime soon.
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