Bal Harbour-Surfside-Bay Harbor Islands Market Faces 6-Month Supply Of Rentals Listed For Lease Before Winter Season

Landlords Ask $2.80 PSF Monthly For Residential Rental Properties In Bal Harbour-Surfside-Bay Harbor Islands 

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DOWNTOWN MIAMI (Oct. 16, 2019) - More than 300 residential rental properties are formally listed for lease in the Bal Harbour-Surfside-Bay Harbor Islands market of the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

Based on completed leases of nearly 50 residential properties monthly in the first nine months of 2019, the Bal Harbour-Surfside-Bay Harbor Islands area now has more than a six-month supply of rentals - apartments, condos, efficiencies, multifamily and townhouses - available in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach before the start of the Winter Buying Season, according to the report based on data from the Southeast Florida MLS Matrix. 

A balanced market is generally considered to have about six months of supply. More months of supply listed for lease suggests a tenant’s advantage and less months typically indicates a landlord’s advantage in the market. 

It is worth noting that about 42 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $3,325 per unit or $3.14 per square foot in the Bal Harbour-Surfside-Bay Harbor Islands area. 

The median asking price of a Bal Harbour-Surfside-Bay Harbor Islands residential rental property currently listed for lease is $3,200 per property monthly. This works out to a median asking price of $2.80 per square foot monthly, according to the data compiled by CondoVulturesRealty.com. 

In the first nine months of 2019, the median transaction price of a Bal Harbour-Surfside-Bay Harbor Islands residential rental property was about $2,000 or $2.07 per square foot monthly, according to the data. 

This means the current asking price of a Bal Harbour-Surfside-Bay Harbor Islands residential rental property listed for lease is about 60 percent higher than the median transaction price achieved on a monthly per-property basis and about 35 percent higher than the median transaction price achieved on a monthly per-square-foot basis between January and September of this year. 

In the first three quarters of 2019, landlords needed 56 days - on a median basis - to lease a Bal Harbour-Surfside-Bay Harbor Islands residential rental. The current median Days-On-The-Market rate for a Bal Harbour-Surfside-Bay Harbor Islands residential rental property listed for lease is 87, according to the statistics. 

The number of Days-On-The-Market for the residential rental properties currently under contract is about 62 in the Bal Harbour-Surfside-Bay Harbor Islands area, according to the statistics.

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented acquisitions of condos in the tricounty region of Miami-Dade, Broward and Palm Beach.

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