More Than 13-Month Supply Of Short-Term Condo Rental Properties Listed For Lease In South Florida At Start Of Winter Buying Season

Short-Term Condo Rental Units Typically Are Suitable For Home-Sharing Services Such As AirBNB 

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DOWNTOWN MIAMI (Jan. 15, 2020) - At least 385 short-term condo rental properties - which typically are suitable for home-sharing services such as AirBNB - are formally listed for lease in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach, according to a new report from Condo Vultures® Realty LLC. 

Based on completed leases of about 29 short-term condo rental properties monthly in the first nine months of 2019, South Florida now has more than a 13-month supply of short-term condo rentals available in the tricounty region 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 17 short-term condo rental properties are currently under contract - or pending - and waiting to transact at a median monthly price of about $2,400 per unit or $2.22 per square foot in South Florida. 

The median asking price of a South Florida short-term condo rental property currently listed for lease is $3,500 per property monthly. This works out to a median asking price of $3.38 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 South Florida short-term condo rental property was $2,100 or about $2.40 per square, according to the data. 

This means the current asking price of a South Florida short-term condo rental property listed for lease is nearly 67 percent higher than the median transaction price achieved on a monthly per-property basis and nearly 41 percent higher than the median transaction price achieved on a monthly per-square-foot basis between January and September of last year. 

In the first nine months of 2019, a landlord needed 63 days - on a median basis - to lease a South Florida short-term condo rental unit. The current median Days-On-The-Market rate for a South Florida short-term condo rental property listed for lease is 202, 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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