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  • PRECONSTRUCTION
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    Nearly 6-Month Supply Of Miami Beach Residential Properties Listed For Rent During Summer Buying Season

    Miami Beach Landlords Ask $3.00 PSF Monthly For Residential Rental Properties

    (This Report Is Powered By Brickell Ventures LP)

    DOWNTOWN MIAMI (Aug 13, 2018) - Nearly 2,150 residential rental properties are formally listed for lease in the Miami Beach market of South Florida, according to a new report from Condo Vultures® Realty LLC.

    Based on completed leases of about 370 residential properties monthly in the first half of 2018, Miami Beach now has nearly a six-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 nearly 460 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $1,800 per unit or $2.52 per square foot in Miami Beach. 

    The median asking price of a Miami Beach residential rental property currently listed for lease is $2,500 per property monthly. This works out to a median asking price of $3.00 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 Miami Beach residential rental property was about $1,650 or $2.35 per square foot monthly, according to the data. 

    This means the current asking price of a Miami Beach residential rental property listed for lease is nearly 52 percent higher than the median transaction price achieved on a monthly per-property basis and about 28 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 41 days - on a median basis - to lease a Miami Beach residential rental. The current median Days-On-The-Market rate for a Miami Beach residential rental property listed for lease is 70, 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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