The downtown skyline of Boca Raton is about to change in appearance, because city fathers have approved 4,000 new rental apartments in Boca Raton.Â Developers are eager to build because demand for rentals remains strong, and rental rates continue to move upward.
One of the new buildings, called the Camden will offer 236 apartments between First and Second Streets, and Ram, which will offer 208 units, on the corner of Palmetto Park Road and Federal Highway, will dwarf any other building within the city limits. Â
Undeveloped Land Will Fill In
FAU is also getting in on the Boca rental apartment act. They have purchased a former tile factory near 20th Street, Â and will convert it to a 599 bed housing complex for students who wish to live off campus. These units are in addition to the public rental units being built.
What this means, ultimately, is that the undeveloped land that sits on Bocaâ€™s outskirts, or parcels that have been ignored for several years, will now become densely populated housing projects.
Glut of smaller, older apartments?
Several experts feel that these new homes in Boca will create a glut of older, smaller apartments that will be underutilized. That is because these 4,000 new apartments equal a 75% increase in the number of rental units available in the city.
New apartments mean new employers
Young working people are likely to flock to the newer units. This will have two benefits. The first is that these newer, downtown units will benefit the center of the city itself, by helping to revive commerce and adding traffic to restaurants and shops that are languishing, Â The second is that employers, seeing that more affordable housing is available, may relocate to the area because a younger and educated group is living within a short commuting distance.
While some argue that buying a Boca Raton home is cheaper than renting, the lack of available Â and affordable single family homesÂ and condos in Boca Raton will push more and more young people into apartments.
If they cannot purchase a Boca Raton home that they can turn into an elegant and appealing habitat, these younger families will move into rentals that give them a feeling of luxury.
Marc Jablon, The Jablon Team
RE/MAX Complete Solutions