A developer said Monday it has started leasing apartments at the 376-unit Elan 33 West in Davie.
Greystar Real Estate Partners is taking deposits for the one, two- and three-bedroom units at the corner of Davie Road and Interstate 595. The community will open in July.
Rental rates range from $1,140 to $1,825. Floor plans feature gourmet kitchens, balconies and full-size washers and dryers.
Amenities include a clubhouse, coffee bar, Internet cafe, dog park and jogging trails. A cabana area will have a tanning bed and massage rooms, said Lanie Verret, regional property manager for Greystar.
“There’s a lot of competition in the area, but we’ve put a lot of detail into this community that will help it stand out,” she said.
Greystar and other developers are capitalizing on increased demand for rentals.
While home sales are robust, many people are struggling to qualify for mortgages or are choosing not to own in the wake of the housing bust. That’s driving up asking rents.
The average apartment rental rate in Broward County is $1,320, an increase of 4.1 percent from a year ago, according to Reinhold P. Wolff Economic Research in Oakland Park. Palm Beach County’s average rate also rose 4 percent in the past year, to $1,281.
After years of little new apartment construction, dozens of rentals have been announced or are under construction in South Florida – a trend that eventually will help put renters on more even footing with landlords, analysts say.
“Ultimately what you’ll see is rents leveling out,” said Greg McBride, senior financial analyst with Bankrate.com in North Palm Beach.
Greystar, based in Charleston, S.C., manages more than 700 apartment projects nationwide, including about 30 in Palm Beach, Broward and Miami-Dade counties.Copyright © 2015, The Baltimore Sun