The next question is whether this boom is on the verge of creating its own bust. Hundreds of new units are under construction in downtown Boca Raton, and hundreds more are coming to downtown West Palm Beach, raising questions about whether the lofty values will hold.

In four sales since mid-July, Palm Beach County apartment complexes fetched more than $360 million, according to property records. Investors are drawn by a combination of trends, including Americans’ shift away from homeownership and Palm Beach County’s strong job market — not to mention the bells and whistles offered by the shiny new generation of rental units.

These apartments no longer are characterized by noisy neighbors and coin-operated washing machines. The new breed of rentals comes with soundproof walls, high-end appliances and luxurious health facilities.


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