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More than 4-Month Supply Of Residential Properties Listed For Rent In Coconut Grove At End Of South Florida Winter Season

Coconut Grove Landlords Ask $3.55 PSF For Residential Rental Properties

 

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (April 2, 2019) - More than 45 residential rental properties are formally listed for lease in Miami's Coconut Grove neighborhood in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC. 

Based on completed leases of nearly 12 residential properties monthly in the 12 months of 2018, Coconut Grove 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 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 16 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of about $3,625 per unit or $2.68 per square foot in Coconut Grove.

The median asking price of a Coconut Grove residential rental property currently listed for lease is $4,500 per property monthly. This works out to a median asking price of $3.55 per square foot monthly, according to the data compiled by CondoVulturesRealty.com

In the 12 months of 2018, the median transaction price of a Coconut Grove residential rental property was about $2,578 or about $2.38 per square foot monthly, according to the data. 

This means the current asking price of a Coconut Grove residential rental property listed for lease is nearly 75 percent higher than the median transaction price achieved on a monthly per-property basis and about 49 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 41 days - on a median basis - to lease a Coconut Grove residential rental. The current median Days-On-The-Market rate for a Coconut Grove residential rental property listed for lease is about 77, according to the statistics. 

The number of Days-On-The-Market for the residential rental properties currently under contract is about 88 in Coconut Grove, 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.