PALM BEACH COUNTY, Fla. — Rent prices across the country dropped 1% over the last month, according to the latest rent tracker report from Redfin. Locally, Palm Beach County is still seeing high rental prices.
In West Palm Beach, more than 60% of rentals are priced between $2,000 and $11,000. However, in the last month, rental prices for a one-bedroom decreased by 1%.
Going back on the hunt for a rental unit is challenging these days.
"The place I lived at, I was there for three years, so a lot has changed," said Alan Morales.
Morales said his landlord wanted to raise his rent $500 and for that reason, he left.
Recent reports show there is a cool down happening with rentals, but it's so minimal that renters are still facing major challenges to find the perfect home.
"My renter this month had to go over asking just to secure her offer from the competition and make them stand out," real estate agent Lizet De Moura said.
De Moura said renters who are flexible with location can find better pricing. However, in highly-desirable neighborhoods, renters are still paying 7% to 8% more than the previous year.
"It's slowing down a little bit, but like I said, there's still a lot of competition," De Moura said.
Morales had to cross counties for better pricing.
"Broward, the market is a little lower than Palm Beach County," he said.
His advice is if you're needing a new lease, start your search early.
"One may fall through. You need to have a backup," he said.
De Moura said it is better to buy. Still, renters are still having to get creative to compete.
"You have to be prepared, because if you find the home you want, and there's other people that are interested," she said, "you either have to offer over asking or additional months up front."