Wellington, FL Rents to Grow as Community Expands

Wellington, FL has seen tremendous growth in the past 50+ years. In 1960, the population was 4,622 and the estimated population in 2015 was 62,560. This population growth includes families with children under the age of 18, with children making up over a quarter of the population in 2010.

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Map of the Wellington, FL apartment rental market area.

Aside from the availability of housing and good schools, Wellington looks to see strong job growth in the coming future. Currently they are seeing job growth at 3.94%, but that should jump up to 43.7% over the next ten years.

It has been reported that heavy investment in the South Florida area is helping to drive demand for apartment complexes. This point is further highlighted in an article explaining the recent sale of the Solara at Wellington Apartments:

More than $1.2 billion was spent on the acquisition of apartment complexes throughout the tri-county area during 2015, with demand being driven by the belief that rental rates will continue seeing steady growth.

For many younger residents in South Florida, the lack of affordable homes to purchase has kept them in the apartment rental market. As population growth continues to a steady clip here, demand for rental housing will increase. As demand goes up, rental prices should continue to increase on existing apartment rental units in the area.

wellington-fl-apartment-rent-trendsIn the case of Wellington, more developments should continue to take place with the presence of good schools and cheaper land due to its inland location. The presence of increased demand can be seen in the increased rents for apartments within Wellington. In the chart showing apartment rental trends in Wellington, rental rates have gone up year over year. Higher end rates should be noted in particular because of their dramatic spike starting in July of 2015.

 

Using RentHub.com as a resource, you can also see what the apartment rental market summary is for the past 60 days in Wellington.wellington-fl-average-apartment-rents

 

Comparing Rents in the 10 Best Places to Raise a Family

It is quite an accomplishment to be featured on a livability list at Livability.com and something that apartment owners should make note of when gauging rental prices and rental housing demand. In the case of the list we are featuring, the 10 best places to raise a family are featured. Assuming most families seek out homes with two to three bedrooms, those will be the focus for each of these ten rental markets. Using the RentHub data for average rental prices and average square feet for apartments, the vast differences of each apartment market can be seen.

The following is a brief description of how Livability.com ranks their cities:

We crunched the data. We looked at the quality of the schools, the crime rate, and measures of the quality of healthcare and economy. We gave points to communities that are walkable, diverse, have lots of parks and active children’s sections in their libraries. We favored communities with shorter commute times (so working parents can be home more and on the road less) and larger populations of other kids to play with.

We will highlight some of these community characteristics that will hopefully help you understand the livable fabric of each.

10. Palo Alto, CA

2 Bedroom – $3,500 per month / 1,100 sf
3 Bedroom – $8,750 per month / 2,324 sf

Palo Alto, CA is home to Stanford University. Located in the San Francisco Bay Area, the city is a center for Silicon Valley and the highly regarded technology companies that are found there.
Based on the US Census, over 80% of the residents have a bachelor’s degree or higher. Just over 45% of the households are renter occupied. There are over 66,000 residents, to which +23% are under the age of 18. The median household income is $126,771 (in 2014 dollars). Housing demand in Palo Alto, being driven by university employees and technology sector, along with higher household incomes, are heavy drivers of the apartment market rents here.

9. Bowling Green, OH

2 Bedroom – $665 / 774 sf
3 Bedroom – $782 / 882 sf

The City of Bowling Green, OH is home to Bowling Green State University and the 18,856 students who attend school there. The median age of the city is 23.2 years, with 43.2% of residents being between the ages of 18 to 24. It can be surmised that the student population is the largest driver of demand for apartment rentals and the local economy. A small population found in a central location has presented the city the opportunity to have a walkable downtown with regular customers for the businesses found there. The lower rental rates are better understood when fully realizing the proportion of students that make up the total housing rental market.

bowling-green-oh-rent-drivers

8. Homewood, AL

2 Bedroom – $1,045 / 1,093 sf
3 Bedroom – $1,425 / 1,400 sf

A suburb of Birmingham, home to Samford University, Homewood, AL has a total population of 25,708. For a smaller city from this top ten list, Homewood has several parks that helped increase the livability factor. You can also find the Hollywood Historic District, which is on the National Register of Historic Places.

homewood-al-rent-drivers Continue reading