Rental Rates Increase 7% In Sunny Isles Beach In 2011 Published on 1/31/2012 4:41:00 PM
For the third consecutive year, the median rental rate for a residential property located in the barrier island city of Sunny Isles Beach in Northeast Miami-Dade County has increased, rising seven percent in 2011 on a year-over-year basis compared to 2010, according to a new report from CondoVultures.com.
Tenants paid a median lease price of $1.31 per square foot per month in 2011 compared to $1.23 per square foot in 2010 and $1.19 per square foot in 2009, according to an analysis by the Rental Division of the licensed Florida brokerage Condo Vultures® Realty LLC.
CondoVultures.com is scheduled to profile the latest trends in the fourth quarter of 2011 in the seven largest coastal condo markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties.
Since the week of Jan. 16, the Condo Vultures® Market Intelligence Report™ has been publishing a seven-part weekly series analyzing new condo sales trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
Sunny Isles Beach is defined as the stretch from the town of Golden Beach south to Haulover Beach Park, and the Atlantic Ocean west to Intracoastal Waterway. The market is comprised of the North, Central and South neighborhoods, according to the Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™.
Despite the increase in rental rates in Sunny Isles Beach, the number of leases completed in 2011 remain in line with 2010 and 2009.
Tenants leased 956 condos, townhouses, apartments, and single-family houses in Sunny Isles Beach in 2011, representing about a one percent decrease on a year-over-year basis compared to 966 rental transactions in 2010, according to the analysis based on Florida Realtors association data.
In 2009, tenants leased 952 residential properties in Sunny Isles Beach, according to the report.
The completed leases do not reflect any deals that that may have been transacted without being marketed on the Multiple Listing Service.
As of Jan. 31, 2012, there are more than 375 properties available for lease in the Sunny Isles Beach market where tenants rented an average of about 80 properties per month in 2011, according to the report.
Of the Sunny Isles Beach properties currently available for rent, nearly 145 properties have two bedrooms at an median asking price of nearly $2.45 per square foot per month.
An additional 100 properties have one bedroom at a median asking price of less than $1.50 per square foot per month.
More than 85 properties with three bedrooms are available for rent at a median asking price of nearly $2.80 per square foot per month.
Nearly 20 studios are for rent at a median asking price of more than $3.85 per square foot per month.
There are an additional 25 properties with at least four bedrooms that are available at a median asking price of nearly $2.60 per square foot per month, according to the data.
It is important to note there are various stages to a residential real estate transaction in South Florida.
A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.
As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.
Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
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