As COVID-19 shelter-in-place orders were issued throughout Florida, millions of people adjusted to staying in and limiting time outside. Although this new way of life has brought changes to the usual bustling Town of Palm Beach, the community’s rental market remains steady during the Coronavirus outbreak.
The Town of Palm Beach’s Rental Market
When the country started to move indoors, the South Florida luxury rental market became more active. As states shut down, interest came in from prospective tenants in affected areas such as New York, New Jersey, Connecticut, and Illinois. Some of these individuals wanted to get away from the impact of the coronavirus in their communities. Other out-of-state parties sought high-end properties with recreational amenities.
According to one report, a significant number of inquiries also came in from South Florida condo owners wanting to lease properties for their families with yards and pools. These people wanted to rent spacious Palm Beach homes rather than using the closed-in areas and elevators in their condo buildings.
Extended rental contracts for first-class properties have also been contributing factors to the rental market increases in Palm Beach County. Tenants in high-rise luxury condos have opted to extend their lease terms rather than travel. Long-term vacation rental properties have also become popular in the area.
Luxury home rentals were expected to remain unoccupied during this time. However, because of the pandemic, the area’s inventory has been more limited, and prices have been set at high season rates. With many area condos having been excluded from the rental market by their homeowner’s associations, high-end houses are in short supply. Luxury markets like Palm Beach County have seen waterfront homes such as these renting anywhere from $15,000 to $85,000 a month. Those who are able to rent in the area can have the best in high-end accommodations in beautiful natural settings while enjoying delivery and curbside service from the community’s finest restaurants.
Contact the Florida Board Certified Real Estate Attorneys of Rabideau Klein
At Rabideau Klein, we have extensive experience handling multi-million-dollar transactions for high-end residential and commercial real estate in Palm Beach County. David E. Klein Esq. and Guy Rabideau, Esq. are also Florida Board-Certified Real Estate attorneys with the expertise and experience you need to protect your interests during your Palm Beach County luxury real estate matter. Contact Rabideau Klein today to discuss your Palm Beach real estate legal needs.