Content Divider
Blog Home » SOUTH FLORIDA MARKET INTELLIGENCE REPORT » More Than 11,000 Miami-Dade County Residential Rentals Listed For Lease During COVID-19 Pandemic

More Than 11,000 Miami-Dade County Residential Rentals Listed For Lease During COVID-19 Pandemic

Miami-Dade County Tenants Paid $1.96 PSF Monthly For Residential Rentals In Q1 2020

Real Estate For Sale

DOWNTOWN MIAMI (May 6, 2020) - More than 11,065 residential rental properties are formally listed for lease in the South Florida county of Miami-Dade amidst the COVID-19 pandemic, according to a new report from Condo Vultures® Realty LLC. 

Based on completed leases of less than 2,567 residential properties monthly in the first three months of 2020, Miami-Dade County now has more than a four-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 traditional start of the Summer Buying Season, according to the report based on data from the 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. 

In this new COVID-19 pandemic era, numerous questions exist about how the South Florida residential real estate market will perform going forward, both in the short- and medium-term periods. After a typical start to the new year, the South Florida residential real estate market began to change dramatically at the end of the first quarter of 2020. 

When Florida Gov. Ron DeSantis declared a "state of emergency to create a pathway to obtain funding and resources to stop the spread of COVID-19" on March 9, 2020, the South Florida residential real estate market continued to function, albeit with changes for safety that included social distancing and a push for virtual tours instead of buyer actually visiting properties.  

Nearly a month later on April 3, 2020, DeSantis instituted a 30-day "statewide stay-at-home order" that effectively shut down the Florida economy but in doing so deemed residential and commercial real estate businesses "essential services," according to an industry press report.

Despite the ability to transact real estate during the "stay-at-home order," it is unclear how many buyers have been willing to view properties - either in person or virtually - in hopes of purchasing residences. It is also unclear how many sellers have opened their properties to potential buyers given the contagiousness of the COVID-19 virus. 

Once the "stay-at-home order" was finally lifted on May 4, 2020 for nearly all of the state - excluding the tricounty South Florida region of Miami-Dade, Broward and Palm Beach until further notice - the Florida economy was thought to be in recession like much of the United States. 

This being said, nearly 1,365 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $1,799 per unit or $1.84 per square foot in Miami-Dade County. 

The median asking price of a Miami-Dade County residential rental property currently listed for lease is $2,300 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

It is important to consider that the MLS Matrix uses an arbitrary rule that provides overall "pricing" and "days on the market" information for a maximum of 10,000 properties at a time.

Therefore, more accurate information for the Miami-Dade County rental market is not readily available despite attempts to obtain the specifics from the source.

In the first three months of 2020, the median transaction price of a Miami-Dade County residential rental property was $1,800 or about $1.96 per square foot monthly, according to the data. 

This means the current asking price of a Miami-Dade County residential rental property listed for lease is nearly 28 percent higher than the median transaction price achieved on a monthly per-property basis and nearly 25 percent higher than the median transaction price achieved on a monthly per-square-foot basis between January and March of this year. 

In the first quarter of 2020, a landlord needed 42 days - on a median basis - to lease a Miami-Dade County residential rental. The current median Days-On-The-Market rate for a Miami-Dade County residential rental property listed for lease is 63, 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.

Real Estate For SaleMore Info

Contact

Condo Vultures® Realty LLC , Lic. Real Estate Broker
South Florida's Buyer Experts
(305) 865-5629 (888) 688-3415
425 NE 22nd St.
Suite 205 |
Miami, FL 33137
© Copyright 2020. All Rights Reserved.
Inquiry@CondoVulturesRealty.com

Real Estate For SaleMore Info
Terms / Privacy / Accessibility ADA