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Nearly 2,250 Greater Downtown Miami Residential Properties Listed For Rent During Summer Buying Season

Greater Downtown Miami Landlords Ask $2.71 PSF Monthly For Residential Rental Properties

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Aug. 8, 2018) - Nearly 2,250 residential rental properties are formally listed for lease in the Greater Downtown Miami market of South Florida, according to a new report from Condo Vultures® Realty LLC.

Based on completed leases of about 567 residential properties monthly in the first half of 2018, Greater Downtown Miami now has about 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 during 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 more than 935 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $2,325 per unit or $2.53 per square foot in Greater Downtown Miami. 

The median asking price of a Greater Downtown Miami residential rental property currently listed for lease is $2,800 per property monthly. This works out to a median asking price of $2.71 per square foot monthly, according to the data compiled by CondoVulturesRealty.com

In the first six months of 2018, the median transaction price of a Greater Downtown Miami residential rental property was $2,300 or $2.44 per square foot monthly, according to the data. 

This means the current asking price of a Greater Downtown Miami residential rental property listed for lease is nearly 22 percent higher than the median transaction price achieved on a monthly per-property basis and about 11 percent higher than the median transaction price achieved on a monthly per-square-foot basis between January and June of this year. 

In the first half of 2018, a landlord needed 45 days - on a median basis - to lease a Greater Downtown Miami residential rental. The current median Days-On-The-Market rate for a Greater Downtown Miami residential rental property listed for lease is 46, 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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