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Nearly 3-Month Supply Of Greater Downtown Miami Residential Rentals Listed For Lease During Winter Buying Season

Landlords Seek Median Rental Rate Of $2.86 PSF Monthly In Greater Downtown Miami

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Feb. 7, 2020) - More than 1,850 residential rental properties are formally listed for lease in the Greater Downtown Miami market of South Florida, according to a new report from Condo Vultures® Realty LLC. 

Based on completed leases of nearly 703 residential properties monthly in the entire 12 months of 2019, Greater Downtown Miami now has nearly 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 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. 

When analyzing the rental market, please note that corporate-owned apartment projects are typically not included in the statistics as the landlords do not generally listed their units for lease in the MLS.  

It is also worth noting that about 505 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $2,500 per unit or $2.59 per square foot in Greater Downtown Miami. 

The median asking price of a Greater Downtown Miami residential rental property currently listed for lease is $2,975 per property monthly. This works out to a median asking price of $2.86 per square foot monthly, according to the data compiled by CondoVulturesRealty.com

In the 12 months of 2019, the median transaction price of a Greater Downtown Miami residential rental property was about $2,400 or $2.50 per square foot monthly, according to the data. 

This means the current asking price of a Greater Downtown Miami residential rental property listed for lease is about 24 percent higher than the median transaction price achieved on a monthly per-property basis and more than 14 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 43 days - on a median basis - to lease a Greater Downtown Miami residential rental. The current median Days-On-The-Market rate for a Greater Downtown Miami residential rental property listed for lease is 50, 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.