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Nearly 4,165 Broward County Rental Properties Listed For Lease In South Florida

Tenants Leased Nearly 19,000 Broward County Residential Rentals In Year 2019

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (March 26, 2020) - Nearly 4,165 residential rental properties are formally listed for lease in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC. 

Based on completed leases of nearly 1,583 residential properties monthly in the entire 12 months of 2019, Broward County 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 at what should be 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 more than 1,780 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of about $1,458 per unit or about $1.46 per square foot in Broward County.

The median asking price of a Broward County residential rental property currently listed for lease is $1,800 per property monthly. This works out to a median asking price of $1.72 per square foot monthly, according to the data compiled by CondoVulturesRealty.com.

In the 12 months of 2019, the median transaction price of a Broward County residential rental property was about $1,400 or $1.55 per square foot monthly, according to the data.

This means the current asking price of a Broward County residential rental property listed for lease is nearly 29 percent higher than the median transaction price achieved on a monthly per-property basis and about 11 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 42 days - on a median basis - to lease a Broward County residential rental. The current median Days-On-The-Market rate for a Broward County residential rental property listed for lease is about 43, according to the statistics. 

The number of Days-On-The-Market for the residential rental properties currently under contract is about 33 in Broward County, 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.