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    Coconut Grove Landlords Ask 107% Premium For Residential Rental Properties During Winter Buying Season

    Coconut Grove Faces Nearly 6-Month Supply Of Residential Properties Listed For Rent 

    (This Report Is Powered By Brickell Ventures LP)

    DOWNTOWN MIAMI (Dec. 6, 2018) - More than 60 residential rental properties are formally listed for lease in Miami's Coconut Grove neighborhood in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

    Based on completed leases of about 11 residential properties monthly in the first nine months of 2018, Coconut Grove 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 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 14 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of about $3,650 per unit or $2.90 per square foot in Coconut Grove.

    The median asking price of a Coconut Grove residential rental property currently listed for lease is $4,900 per property monthly. This works out to a median asking price of $3.76 per square foot monthly, according to the data compiled by CondoVulturesRealty.com

    In the first nine months of 2018, the median transaction price of a Coconut Grove residential rental property was about $2,373 or $2.31 per square foot monthly, according to the data. 

    This means the current asking price of a Coconut Grove residential rental property listed for lease is nearly 107 percent higher than the median transaction price achieved on a monthly per-property basis and about 63 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 2018, a landlord needed 37 days - on a median basis - to lease a Coconut Grove residential rental. The current median Days-On-The-Market rate for a Coconut Grove residential rental property listed for lease is about 70, according to the statistics. 

    The number of Days-On-The-Market for the residential rental properties currently under contract is about 19 in Coconut Grove, 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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