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Nearly 9,900 Miami-Dade County Residential Properties Listed For Rent Before Start Of Winter Buying Season

Miami-Dade County Tenants Paid $2.10 PSF Monthly For Residential Rentals In First Nine Months Of 2019

 

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Nov. 20, 2019) - Nearly 9,900 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 2,862 residential properties monthly in the first nine months of 2019, Miami-Dade County now has nearly 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 before the start of 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 nearly 2,120 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $1,900 per unit or $2.04 per square foot in Miami-Dade County. 

The median asking price of a Miami-Dade County residential rental property currently listed for lease is $2,250 per property monthly. This works out to a median asking price of $2.35 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 first nine months of 2019, the median transaction price of a Miami-Dade County residential rental property was $1,750 or about $2.10 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 nearly 29 percent higher than the median transaction price achieved on a monthly per-property basis and nearly 12 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 49 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 55, 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.