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    Bal Harbour-Surfside-Bay Harbor Islands Saddled With 7-Month Supply Of Rental Properties Listed For Lease

    Landlords Ask $2.90 PSF Monthly For Residential Rental Properties In Bal Harbour-Surfside-Bay Harbor Islands 

    (This Report Is Powered By Brickell Ventures LP)

    DOWNTOWN MIAMI (March 4, 2019) - Nearly 350 residential rental properties are formally listed for lease in the Bal Harbour-Surfside-Bay Harbor Islands market of the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC. 

    Based on completed leases of nearly 47 residential properties monthly in the 12 months of 2018, the Bal Harbour-Surfside-Bay Harbor Islands area now has more than a seven-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 peak of 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 nearly 25 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $2,100 per unit or $2.14 per square foot in the Bal Harbour-Surfside-Bay Harbor Islands area. 

    The median asking price of a Bal Harbour-Surfside-Bay Harbor Islands residential rental property currently listed for lease is $3,600 per property monthly. This works out to a median asking price of $2.90 per square foot monthly, according to the data compiled by CondoVulturesRealty.com

    In the 12 months of 2018, the median transaction price of a Bal Harbour-Surfside-Bay Harbor Islands residential rental property was $2,200 or $2.11 per square foot monthly, according to the data. 

    This means the current asking price of a Bal Harbour-Surfside-Bay Harbor Islands residential rental property listed for lease is nearly 64 percent higher than the median transaction price achieved on a monthly per-property basis and about 37 percent higher than the median transaction price achieved on a monthly per-square-foot basis between January and December of last year. 

    In the four quarters of 2018, landlords needed 63 days - on a median basis - to lease a Bal Harbour-Surfside-Bay Harbor Islands residential rental. The current median Days-On-The-Market rate for a Bal Harbour-Surfside-Bay Harbor Islands residential rental property listed for lease is 90, according to the statistics. 

    The number of Days-On-The-Market for the residential rental properties currently under contract is about 55 in the Bal Harbour-Surfside-Bay Harbor Islands 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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