Nearly 9,250 Miami-Dade County Residential Properties Listed For Rent During Winter Buying Season

Miami-Dade County Tenants Paid $2.09 PSF Monthly For Residential Rentals In Year 2019

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Jan. 28, 2020) - Nearly 9,250 residential rental properties are formally listed for lease in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC. 

Based on completed leases of about 2,815 residential properties monthly in the entire 12 months of 2019, Miami-Dade County now has more than 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 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 2,120 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $1,850 per unit or $1.98 per square foot in Miami-Dade County. 

The median asking price of a Miami-Dade County residential rental property currently listed for lease is $2,300 per property monthly. This works out to a median asking price of $2.32 per square foot monthly, according to the data compiled by CondoVulturesRealty.com.

It is important to consider that the MLS Matrix uses an arbitrary rule that provides overall "pricing" and "days on the market" information for a maximum of 10,000 properties at a time. Therefore, more accurate information for the Miami-Dade County rental market is not readily available despite attempts to obtain the specifics from the source.

In the 12 months of 2019, the median transaction price of a Miami-Dade County residential rental property was $1,750 or about $2.09 per square foot monthly, according to the data. 

This means the current asking price of a Miami-Dade County residential rental property listed for lease is more than 31 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 46 days - on a median basis - to lease a Miami-Dade County residential rental. The current median Days-On-The-Market rate for a Miami-Dade County residential rental property listed for lease is 57, 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.

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