Downtown Fort Lauderdale And Beach Market Landlords Ask $2.08 PSF Monthly For Residential Rental Properties

More Than 3-Month Supply Of Residential Properties Listed For Rent In Downtown Fort Lauderdale And Beach Market

DOWNTOWN MIAMI (Oct. 6, 2017) - More than 550 residential rental properties are formally listed for lease in the Downtown Fort Lauderdale and Beach market in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC. 

Based on completed leases of about 171 residential properties monthly in the first six months of 2017, Downtown Fort Lauderdale and Beach now has more than a three-month supply of rentals - apartments, condos, efficiencies, multifamily and townhouses - available in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the end of this year’s Summer 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 200 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $1,700 per unit or $1.83 per square foot in the Downtown Fort Lauderdale and Beach area.

The median asking price of a Downtown Fort Lauderdale and Beach area residential rental property currently listed for lease is about $2,100 per property monthly. This works out to a median asking price of $2.08 per square foot monthly, according to the data compiled by CondoVulturesRealty.com. 

In the first half of 2017, the median transaction price of a Downtown Fort Lauderdale and Beach area residential rental property was $1,600 or $1.83 per square foot monthly, according to the data. 

This means the current asking price of a Downtown Fort Lauderdale and Beach area residential rental property listed for lease is about 31 percent higher than the median transaction price achieved on a monthly per-property basis and nearly 14 percent higher than the median transaction price achieved on a monthly per-square-foot basis between January and June of this year. 

In the first six months of 2017, a landlord needed 47 days - on a median basis - to lease a Downtown Fort Lauderdale and Beach residential rental. The current median Days-On-The-Market rate for a Downtown Fort Lauderdale and Beach residential rental property listed for lease is about 46, according to the statistics. 

The number of Days-On-The-Market for the residential rental properties currently under contract is about 48 in the Downtown Fort Lauderdale and Beach area, according to the statistics.

It is unclear what impact this year's active hurricane season will have on the South Florida residential real estate market.

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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