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Blog Home » SOUTH FLORIDA MARKET INTELLIGENCE REPORT » Sunny Isles Beach Faces 10-Month Supply Of Rentals Listed For Lease Before Start Of South Florida Winter Season

Sunny Isles Beach Faces 10-Month Supply Of Rentals Listed For Lease Before Start Of South Florida Winter Season

Nearly 1,015 Rental Properties Available For Lease In Sunny Isles Beach 

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Oct. 23, 2019) - Nearly 1,015 residential rental properties are formally listed for lease in the barrier island city of Sunny Isles Beach in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC. 

Based on completed leases of about 98 residential properties monthly in the first nine months of 2019, Sunny Isles Beach now has more than a 10-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 108 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $2,475 per unit or $2.16 per square foot in Sunny Isles Beach. 

The median asking price of a Sunny Isles Beach residential rental property currently listed for lease is about $4,163 per property monthly. This works out to a median asking price of $2.87 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 Sunny Isles Beach residential rental property was $2,200 or about $2.00 per square foot monthly, according to the data. 

This means the current asking price of a Sunny Isles Beach residential rental property listed for lease is about 89 percent higher than the median transaction price achieved on a monthly per-property basis and nearly 44 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 63 days - on a median basis - to lease a Sunny Isles Beach residential rental. The current median Days-On-The-Market rate for a Sunny Isles Beach residential rental property listed for lease is 125, according to the statistics. 

The number of Days-On-The-Market for the residential rental properties currently under contract is about 89 in Sunny Isles Beach, 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.