More than 27,000 condos, townhouses, single-family houses are actively available for rent in South Florida at a median asking price of $1.25 per square foot per month, according to a new report from Condo Vultures® LLC.
The attractive rental prices have spurred strong leasing activity at an average of 110 residences per day since January in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach counties.
At this pace, the available inventory stands at approximately 246 days, or eight months, of rental supply, according to the Condo Vultures® report.
"South Florida's rental activity is surprisingly strong," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Today's tenants, some of which have lost their homes in foreclosure, are actively leasing up condos, townhouses, and single-family houses throughout the region, especially in the more expensive coastal areas."
Rental leasing trends, including a white paper examining the ratio of primary users versus tenants in Greater Downtown Miami's 83 new condominiums, is a trend that Zalewski is scheduled to address at an upcoming real estate seminar scheduled for 5.30 pm April 28 in Greater Downtown Miami.
Much like on the purchase and sale side of the real estate business, rental rates can vary dramatically depending upon the submarket where the property is located.
For example in Miami Beach's popular South Beach neighborhood, the median monthly rental rate is $2,200, or $2.34 per square foot, for a 940-square-foot apartment that was built more than 20 years ago.
Across the causeway in the overbuilt Greater Downtown Miami market, the median asking price for the never-lived-in-product is $1,825, or $1.65 per square foot, for a 1,105 square foot apartment, according to the report.
By comparison, the median asking price for a rental in the middle-class western suburb of Kendall is $1,425, or $1.15 per square foot, for a 1,260 square foot apartment. In the Northeastern Miami-Dade suburb of Aventura, the median asking price is $1,850, or $1.42 per square foot, for a 1,302 square foot condo, according to the report.
Overall, the median rental asking price in South Florida is $1,575, or $1.25 per square foot, per month.
On a county-by-county basis, the median asking price per month is $1,750, or $1.46 per square foot, in Miami-Dade; $1,300, or 95 cents per square foot, in Broward; and $1,600, or $1.21 per square foot, in Palm Beach, according to the report.
"The unanswered question is, will rental rates remain steady given the amount of available inventory?" Zalewski said.
South Florida has 27,027 residential properties for rent, with 10,891 located in Miami-Dade County, 7,876 situated in Broward County, and 8,260 properties in Palm Beach County.
Miami-Dade represents the largest chunk of available inventory with 40.3 percent of the regional total. Palm Beach County is second with 30.6 percent of the inventory, and Broward County is third with 29.1 percent of the inventory.
On a city-by-city basis, Fort Lauderdale has the greatest amount of available rentals with 1,694 properties. Greater Downtown Miami is second with 1,604 properties, and Miami Beach's popular South Beach neighborhood is third with 1,414 properties.
Rounding out the top five are Boca Raton with 1,405 rental properties and West Palm Beach with 1,302 properties.
Condo Vultures® Featured On CNBC's Squawk On The Street
CNBC's popular Steals and Deals segment featured Condo Vultures® on April 15 during the financial news network's Squawk On The Street program. The Steals and Deals segment focused on bank-owned condo units in Greater Miami that are now available at discounts as deep as 81 percent.
Miami Condo Trends Subject of Upcoming Seminar
Condo Vultures® is relaunching its seminar series on Tuesday, April 28, at the Doubletree Grand Hotel in Miami with a presentation by real estate consultant and broker Peter Zalewski. The agenda will include a discussion of proprietary research collected by Condo Vultures® regarding the South Florida condo market and the official launch of the firm's recently published eBooks, the the Official Condo Buyers Guide to MiamiTM and Miami's Great Condo Crash: A Chronicle of the Boom and BustTM. For more information about attending, please visit the Upcoming Events section of CondoVultures.com.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence ReportTM for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures DatabaseTM. Our new books, the Official Condo Buyers Guide to MiamiTM and Miami's Great Condo Crash: A Chronicle of the Boom and BustTM are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure DatabaseTM.
Copyright © 2009, Condo Vultures® LLC
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