Palm Beach, FL Multifamily Market Report | Cushman & Wakefield | Q1 2026

Market Overview

‍Palm Beach County's multifamily market entered Q1 2026 with improving rent momentum and steady absorption as the market worked through the tail end of its prior supply cycle. Total inventory reached 67,372 units following 270 deliveries during the quarter, while the overall pipeline climbed to nearly 4,576 units under construction, the most since 2023, with West Palm Beach leading development at over 1,500 units or roughly one-third of all activity. Net absorption totaled 425 units, tracking in line with the market's five-year quarterly average, with Royal Palm Beach/Wellington accounting for nearly 34% of year-to-date gains. Stabilized occupancy held at 93.6%, down 60 basis points year-over-year as record supply from 2023 and 2024 continued to weigh on the metric. Effective rents reached a new market high of $2,560 per unit, up 1.1% year-over-year, with Class A averaging $2,901 and Class B averaging $2,417. West Palm Beach ($2,638, up 3.8%) and Boca Raton ($2,928, up 2.8%) drove the market's upward momentum, both reaching new rental rate highs during the quarter. Notable Q1 investment transactions included 10000 S Gardens Dr (341 units, $132M) and Griffis North Olive (263 units, $79M).‍

About Cushman & Wakefield

‍Cushman & Wakefield is a leading global commercial real estate services firm with approximately 53,000 employees across more than 350 offices in nearly 60 countries, reporting $10.3 billion in revenue in 2025. Their quarterly Palm Beach County Multifamily MarketBeat report tracks occupancy, absorption, effective rents, deliveries, and construction activity across eight submarkets to help owners, developers, and investors assess market conditions and opportunities. To read the full report, click here.