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    Broward County Renters Pay $1,450 Monthly For Residential Properties In Q1 2018

    More Than 3-Month Supply Of Residential Properties Listed For Rent In Broward County

    (This Report Is Powered By Brickell Ventures LP)

    DOWNTOWN MIAMI (July 17, 2018) - Nearly 3,950 residential rental properties are formally listed for lease in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC.

    Based on completed leases of about 1,150 residential properties monthly in the first quarter of 2018, Broward 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 at the start of the Summer 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 2,360 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $1,400 per unit or $1.39 per square foot in Broward County.

    The median asking price of a Broward County residential rental property currently listed for lease is $1,750 per property monthly. This works out to a median asking price of $1.67 per square foot monthly, according to the data compiled by CondoVulturesRealty.com.

    In the first three months of 2018, the median transaction price of a Broward County residential rental property was about $1,450 or $1.44 per square foot monthly, according to the data.

    This means the current asking price of a Broward County residential rental property listed for lease is nearly 21 percent higher than the median transaction price achieved on a monthly per-property basis and about 16 percent higher than the median transaction price achieved on a monthly per-square-foot basis between January and March of this year. 

    In the first quarter of 2018, a landlord needed 45 days - on a median basis - to lease a Broward County residential rental. The current median Days-On-The-Market rate for a Broward County residential rental property listed for lease is about 40, according to the statistics. 

    The number of Days-On-The-Market for the residential rental properties currently under contract is about 34 in Broward County, 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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