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More Than 4-Month Supply Of Miami Beach Residential Rentals Listed For Lease During Winter Buying Season

Miami Beach Tenants Leased Nearly 5,500 Residential Rental Properties In Year 2019

 

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Feb. 13, 2020) - More than 1,870 residential rental properties are formally listed for lease in the Miami Beach market of South Florida, according to a new report from Condo Vultures® Realty LLC. 

Based on completed leases of nearly 458 residential properties monthly in the entire 12 months of 2019, Miami Beach 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 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 about 285 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $1,800 per unit or $2.44 per square foot in Miami Beach. 

The median asking price of a Miami Beach residential rental property currently listed for lease is about $2,450 per property monthly. This works out to a median asking price of $3.08 per square foot monthly, according to the data compiled by CondoVulturesRealty.com

In the 12 months of 2019, the median transaction price of a Miami Beach residential rental property was about $1,700 or $2.47 per square foot monthly, according to the data. 

This means the current asking price of a Miami Beach residential rental property listed for lease is about 44 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 December of last year. 

In the four quarters of 2019, a landlord needed 44 days - on a median basis - to lease a Miami Beach residential rental. The current median Days-On-The-Market rate for a Miami Beach residential rental property listed for lease is 83, 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.