More Than 5-Month Supply Of Miami Beach Residential Rentals Listed For Lease Before Winter Buying Season

Miami Beach Landlords Ask $3.02 PSF Monthly For Residential Rental Properties

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DOWNTOWN MIAMI (Oct. 8, 2019) - Nearly 2,215 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 about 438 residential properties monthly in the first nine months of 2019, Miami Beach now has more than a five-month supply of rentals - apartments, condos, efficiencies, multifamily and townhouses - available in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach before 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 344 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $2,000 per unit or $2.65 per square foot in Miami Beach. 

The median asking price of a Miami Beach residential rental property currently listed for lease is about $2,391 per property monthly. This works out to a median asking price of $3.02 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 Miami Beach residential rental property was about $1,685 or $2.44 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 nearly 42 percent higher than the median transaction price achieved on a monthly per-property basis and about 24 percent higher than the median transaction price achieved on a monthly per-square-foot basis between January and September of this year.

In the first three quarters of 2019, a landlord needed 42 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 66, 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.