Boca Raton sees major increase in rental apartments

Boca Raton is experiencing a wave of new apartment developments. Traditionally known for its gated communities and retirement living, the city is now attracting major developers focused on rental properties. Currently, about 7,600 new apartment units are either planned or under construction. This marks a significant increase compared to the number of units built in the past few years. Developers are eyeing prime locations for these new apartments. Areas like Boca’s business parks and near the Tri-Rail Station are being transformed. Some projects include large apartment communities, with one proposal for over 1,000 units next to the planned new City Hall. Investors believe that as more people move to Palm Beach County, the need for accessible housing will rise. David Martin, CEO of Terra, emphasized the importance of providing housing for workers to support local businesses. His company, along with Frisbie Group, won a competition to redevelop Boca's government complex. Their plan includes a hotel, office space, and over 1,100 rental units. In addition, Miami developer 13th Floor Investments plans to build a 340-unit complex near the Tri-Rail Station. This project aims to include affordable housing options. Furthermore, a partnership has plans for 500 apartments on the former Office Depot corporate campus. The demand for rentals in Boca Raton has been growing. Recent census data shows a rise in renter-occupied units since 2019. In fact, there are now about 14,107 renter-occupied homes, an increase of 18%. Despite this growth, rents have remained stable, indicating the new developments are keeping pace with demand. Experts suggest that continued construction is necessary to address the housing shortage in Palm Beach County. According to housing economist Ken Johnson, more rental units are needed to alleviate the ongoing crisis.