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More Than 1,120 Rentals Listed For Lease In Hollywood-Hallandale Beach At End Of South Florida Winter Buying Season

Tenants Paid $1.67 PSF Monthly For Hollywood-Hallandale Beach Rental Properties In Year 2018

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (April 11, 2019) - More than 1,120 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 about 143 residential properties monthly in the 12 months of 2018, Hollywood-Hallandale Beach 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 at the end 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 126 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $1,650 per unit or $1.68 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 $2.46 per square foot monthly, according to the data compiled by CondoVulturesRealty.com

In the 12 months of 2018, the median transaction price of a Hollywood-Hallandale Beach residential rental property was nearly $1,625 or $1.67 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 about 57 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 December of last year. 

In the four quarters of 2018, a landlord needed 49 days - on a median basis - to lease a Hollywood-Hallandale Beach residential rental. The current median Days-On-The-Market rate for a Hollywood-Hallandale Beach residential rental property listed for lease is about 90, according to the statistics. 

The number of Days-On-The-Market for the residential rental properties currently under contract is about 42 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.