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.
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.
In 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.