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Could rental prices be dropping in West Palm Beach?

Some prospective renters seeing prices decrease by $200 to $300
Downtown West Palm Beach condos
Posted at 5:12 PM, Jul 15, 2022
and last updated 2022-07-15 18:18:11-04

WEST PALM BEACH, Fla. — Could the cost of renting a home in South Florida actually be coming down?

There are some rumblings that sky-high rents may finally be coming down. It's a trend that is turning up on social media.

Sasha Kraver of Douglas Elliman real estate said Friday there has been a shift in the rental market within the last week with some rents a few hundred dollars less.

There were also postings on Reddit that indicated apartment hunters were seeing rents lower in the last two weeks for one-bedroom apartments.

SPECIAL COVERAGE: Priced Out of Paradise

One person told WPTV Friday that he is seeing some very modest lowering of rents in downtown West Palm Beach.

Another apartment hunter said one-bedroom apartments were now $200 to $300 less than they were two weeks ago.

Data from the website, Rent.com also shows a downturn in July with one-bedroom apartments in West Palm Beach trending from $2,840 in June to $2,552 and two-bedroom apartments going from $3,715 to $3,612.

A real estate professional said the lower prices may be because too many apartments are sitting empty.

Palmer Mattice, West Palm Beach renter
Palmer Mattice discusses the cost of living in West Palm Beach and is among those hopeful that rental prices will be coming down.

Renters are getting hopeful.

"I think it's going to be a really great positive news for the area, living downtown. Deciding to live downtown has been a dream of mine moving across the country and being here very recently," renter Palmer Mattice said. "I think where people are hesitant to stay down here — especially not for apartments but for condos and townhomes — is the idea and fear that prices are going to keep going up and up."

Mattice said he's paying well over $3,000 for a two-bedroom apartment and his lease is up in January.

Real estate experts, however, aren't sure if the downturn yet is a trend that will continue into the fall and winter.