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More Than 16,000 South Florida Residential Rentals Listed For Lease During Winter Buying Season

Landlords Ask $1.97 PSF Monthly For South Florida Residential Rental Properties

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(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Jan. 23, 2020) - More than 16,000 residential rental properties 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 65,110 residential properties monthly in the entire 12 months of 2019, South Florida now has about a three-month supply of rentals - apartments, condos, efficiencies, multifamily and townhouses - available in the tricounty region during 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 more than 4,630 rental properties are currently under contract - or pending - and waiting to transact at a median monthly price of $1,600 per unit or $1.62 per square foot in South Florida. 

The median asking price of a South Florida residential rental property currently listed for lease is $2,000 per property monthly. This works out to a median asking price of $1.97 per square foot monthly, according to the data compiled by CondoVulturesRealty.com

It is important to consider that the MLS Matrix has recently begun using 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 South Florida rental market is not readily available despite attempts to obtain the specifics from the source.

In the entire 12 months of 2019, the median transaction price of a South Florida residential rental property was about $1,600 or about $1.60 per square foot monthly, according to the data. 

This means the current asking price of a South Florida residential rental property listed for lease is about 25 percent higher than the median transaction price achieved on a monthly per-property basis and more than 23 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 2019, a landlord needed 36 days - on a median basis - to lease a South Florida residence. The current median Days-On-The-Market rate for a South Florida residential rental property listed for lease is 53, 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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