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    Less Than 3-Month Supply Of Coral Gables Residential Properties Listed For Rent At Peak Of South Florida Winter Buying Season

    More Than 750 Rental Properties Leased In Coral Gables In Year 2018

    (This Report Is Powered By Brickell Ventures LP)

    DOWNTOWN MIAMI (March 21, 2019) - Nearly 175 residential rental properties are formally listed for lease in the Miami suburb of Coral Gables in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC. 

    Based on completed leases of less than 63 residential properties monthly in the 12 months of 2018, Coral Gables now has nearly 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 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 32 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $1,900 per unit or $2.13 per square foot in Coral Gables.

    The median asking price of a Coral Gables residential rental property currently listed for lease is about $2,289 per property monthly. This works out to a median asking price of $2.39 per square foot monthly, according to the data compiled by CondoVulturesRealty.com

    In the 12 months of 2018, the median transaction price of a Coral Gables residential rental property was $1,850 or $2.18 per square foot monthly, according to the data. 

    This means the current asking price of a Coral Gables residential rental property listed for lease is nearly 24 percent higher than the median transaction price achieved on a monthly per-property basis and nearly 10 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, a landlord needed 36 days - on a median basis - to lease a Coral Gables residential rental. The current median Days-On-The-Market rate for a Coral Gables residential rental property listed for lease is about 43, according to the statistics. 

    The number of Days-On-The-Market for the residential rental properties currently under contract is about 43 in Coral Gables, 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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