Hollywood-Hallandale Beach Flooded With More Than 8-Month Supply Of Rentals For Lease At Start Of South Florida Winter Buying Season

Tenants Pay $1.66 PSF Monthly For Hollywood-Hallandale Beach Rental Properties In First Nine Months Of 2019

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DOWNTOWN MIAMI (Nov. 27, 2019) - Nearly 1,200 residential rental properties are formally listed for lease in the Hollywood-Hallandale Beach market in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC. 

Based on completed leases of less than 147 residential properties monthly in the first nine months of 2019, Hollywood-Hallandale Beach now has more than 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 at 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 162 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $1,900 per unit or $1.99 per square foot in Hollywood-Hallandale Beach.

The median asking price of a Hollywood-Hallandale Beach residential rental property currently listed for lease is about $2,550 per property monthly. This works out to a median asking price of $2.44 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 Hollywood-Hallandale Beach residential rental property was about $1,600 or about $1.66 per square foot monthly, according to the data. 

This means the current asking price of a Hollywood-Hallandale Beach residential rental property listed for lease is more than 59 percent higher than the median transaction price achieved on a monthly per-property basis and about 47 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, a landlord needed about 51 days - on a median basis - to lease a Hollywood-Hallandale Beach residential rental. The current median Days-On-The-Market rate for a Broward County residential rental property listed for lease is about 114, according to the statistics. 

The number of Days-On-The-Market for the residential rental properties currently under contract is about 54 in Hollywood-Hallandale Beach, 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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