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Tenants Leased Nearly 2,720 Residential Rentals In Downtown Fort Lauderdale And Beach Market In Year 2018

More Than 2-Month Supply Of Downtown Fort Lauderdale And Beach Rental Properties Listed For Lease At End Of Winter Buying Season

 

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (April 23, 2019) - Nearly 550 residential rental properties are formally listed for lease in the Downtown Fort Lauderdale and Beach market in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC. 

Based on completed leases of nearly 227 residential properties monthly in the 12 months of 2018, the Downtown Fort Lauderdale and Beach market now has more than a two-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 the end 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 nearly 200 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $1,500 per unit or $1.89 per square foot in the Downtown Fort Lauderdale and Beach area.

The median asking price of a Downtown Fort Lauderdale and Beach area residential rental property currently listed for lease is about $2,300 per property monthly. This works out to a median asking price of $2.17 per square foot monthly, according to the data compiled by CondoVulturesRealty.com

In the 12 months of 2018, the median transaction price of a Downtown Fort Lauderdale and Beach area residential rental property was about $1,650 or about $1.88 per square foot monthly, according to the data. 

This means the current asking price of a Downtown Fort Lauderdale and Beach area residential rental property listed for lease is about 39 percent higher than the median transaction price achieved on a monthly per-property basis and about 15 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 2018, a landlord needed 42 days - on a median basis - to lease a Downtown Fort Lauderdale and Beach residential rental. The current median Days-On-The-Market rate for a Downtown Fort Lauderdale and Beach residential rental property listed for lease is about 44, according to the statistics. 

The number of Days-On-The-Market for the residential rental properties currently under contract is about 33 in the Downtown Fort Lauderdale and Beach area, 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.