Bal Harbour-Surfside-Bay Harbor Islands Faces Nearly 8-Month Supply Of Residential Properties Listed For Rent

Landlords Ask $2.99 PSF Monthly For Residential Rental Properties In Bal Harbour-Surfside-Bay Harbor Islands 

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DOWNTOWN MIAMI (Nov. 13, 2018) - Nearly 325 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 about 43 residential properties monthly in the first nine months of 2018, the Bal Harbour-Surfside-Bay Harbor Islands area now has nearly an eight-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 nearly 70 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $3,200 per unit or $2.47 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 $3,500 per property monthly. This works out to a median asking price of $2.99 per square foot monthly, according to the data compiled by CondoVulturesRealty.com. 

In the first nine months of 2018, the median transaction price of a Bal Harbour-Surfside-Bay Harbor Islands residential rental property was $2,100 or $2.05 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 nearly 67 percent higher than the median transaction price achieved on a monthly per-property basis and about 46 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 2018, landlords needed 64 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 88, according to the statistics. 

The number of Days-On-The-Market for the residential rental properties currently under contract is about 84 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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