Miami's Coconut Grove Enjoys 2-Month Supply Of Rentals Listed For Lease Before Start Of South Florida Winter Season

Coconut Grove Landlords Ask $2.70 PSF For Residential Rental Properties

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DOWNTOWN MIAMI (Nov. 6, 2019) - More than 30 residential rental properties are formally listed for lease in Miami's Coconut Grove neighborhood in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC. 

Based on completed leases of about 14 residential properties monthly in the first nine months of 2019, Coconut Grove now has more than a two-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 nine rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of about $2,730 per unit or $3.66 per square foot in Coconut Grove.

The median asking price of a Coconut Grove residential rental property currently listed for lease is $3,225 per property monthly. This works out to a median asking price of $2.70 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 Coconut Grove residential rental property was about $3,200 or about $2.79 per square foot monthly, according to the data. 

This means the current asking price of a Coconut Grove residential rental property listed for lease is only about one percent higher than the median transaction price achieved on a monthly per-property basis and about three percent lower 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 65 days - on a median basis - to lease a Coconut Grove residential rental. The current median Days-On-The-Market rate for a Coconut Grove residential rental property listed for lease is about 40, according to the statistics. 

The number of Days-On-The-Market for the residential rental properties currently under contract is about 16 in Coconut Grove, 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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