Nearly 4-Month Supply Of Residential Properties Listed For Rent In Downtown Boca Raton And Beach Market

Downtown Boca Raton And Beach Tenants Pay $1.79 PSF Monthly For Residential Rental Properties In 2019

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DOWNTOWN MIAMI (Dec. 18, 2019) - Nearly 90 residential rental properties are formally listed for lease in the Downtown Boca Raton and Beach market in the South Florida county of Palm Beach, according to a new report from Condo Vultures® Realty LLC. 

Based on completed leases of about 24 residential properties monthly in the first nine months of 2019, the Downtown Boca Raton and Beach area 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 at the start of this year’s 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 45 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $3,000 per unit or $2.40 per square foot in the Downtown Boca Raton and Beach area.

The median asking price of a Downtown Boca Raton and Beach area residential rental property currently listed for lease is about $2,500 per property monthly. This works out to a median asking price of $2.24 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 Downtown Boca Raton and Beach area residential rental property was about $1,850 or $1.79 per square foot monthly, according to the data.

This means the current asking price of a Downtown Boca Raton and Beach area residential rental property listed for lease is about 35 percent higher than the median transaction price achieved on a monthly per-property basis and about 25 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 43 days - on a median basis - to lease a Downtown Boca Raton and Beach residential rental. The current median Days-On-The-Market rate for a Downtown Boca Raton and Beach 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 39 in the Downtown Boca Raton 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.

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