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More Than 3-Month Supply Of Coral Gables Residential Rentals Listed For Lease At Peak Of South Florida Winter Season

Coral Gables Tenants Paid Median Rent Of $2.23 PSF Monthly In Year 2019

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (March 12, 2020) - At least 220 residential rental properties are formally listed for lease in the Miami suburb of Coral Gables in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC. 

Based on completed leases of about 70 residential properties monthly in the entire 12 months of 2019, Coral Gables now has more than a three-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 peak 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 40 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of about $2,028 per unit or $2.32 per square foot in Coral Gables.

The median asking price of a Coral Gables residential rental property currently listed for lease is about $2,300 per property monthly. This works out to a median asking price of $2.31 per square foot monthly, according to the data compiled by CondoVulturesRealty.com

In the 12 months of 2019, the median transaction price of a Coral Gables residential rental property was nearly $1,990 or $2.23 per square foot monthly, according to the data. 

This means the current asking price of a Coral Gables residential rental property listed for lease is nearly 16 percent higher than the median transaction price achieved on a monthly per-property basis and nearly four 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 40 days - on a median basis - to lease a Coral Gables residential rental. The current median Days-On-The-Market rate for a Coral Gables residential rental property listed for lease is about 48, according to the statistics. 

The number of Days-On-The-Market for the residential rental properties currently under contract is about 36 in Coral Gables, 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.