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Rents, Leasing Up In Downtown Fort Lauderdale / Beach Market In Q2 2013
Rents, Leasing Up In Downtown Fort Lauderdale / Beach Market In Q2 2013
Published on 8/26/2013 6:57:00 PM

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Leasing activity in the Downtown Fort Lauderdale and Beach market of South Florida increased by two percent in the second quarter of 2013 on a year-over-year basis compared to the same April through June period in 2012 even as the median rental rate increased by five percent, according to a new report from CondoVultures.com.

Tenants leased nearly 380 residential properties in the Downtown Fort Lauderdale and Beach market between April and June of 2013 compared to about 370 properties in the same period of 2012. A year earlier in the second quarter of 2011, tenants leased about 360 residential properties in the Downtown Fort Lauderdale and Beach market, according to an analysis by the Rental Division of the licensed Florida brokerage CVR Realty™.  

Compare this to the second quarter of previous years when tenants leased more than 380 residences in 2010 and nearly 375 residences in 2009 in the Downtown Fort Lauderdale and Beach market, according to an analysis based on Florida Realtors association data.

At the current leasing activity, the Downtown Fort Lauderdale and Beach market has about 65 days of residential product available for rent, according to the report.  

As of August 26, 2013, more than 275 properties are available for lease in the Downtown Fort Lauderdale and Beach market where tenants rented an average of about 126 properties per month in the second quarter of 2013, according to the data.    

CondoVultures.com is scheduled to profile condo trends in the second quarter of 2013 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of July 15, 2013.

The Condo Vultures® Market Intelligence Report™ is scheduled to publish a 10-part weekly series that analyzes the markets of Greater Downtown MiamiSouth BeachBal Harbour / Surfside / Bay Harbor IslandsSunny Isles BeachAventuraHollywood / Hallandale BeachDowntown Fort Lauderdale and the BeachPompano BeachBoca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.

The Downtown Fort Lauderdale and Beach coastal market is defined as Sunrise Boulevard south to State Road 84, and the Atlantic Ocean west to Northwest 7th / Southwest 4th avenues, according to the Condo Vultures® Official Condo Buyers Guide To Downtown Fort Lauderdale And Beach™.

The demand for rental units in the Downtown Fort Lauderdale and Beach market is strengthening even as the median monthly lease price increased to about $1.37 per square foot in the second quarter of 2013 from about $1.31 per square foot per month in 2012 and about $1.29 per square foot per month in 2011, according to the report.

In the second quarter of previous years, the median monthly rental rate was about $1.21 per square foot per month in 2010 and 2009 for a residential lease in the Downtown Fort Lauderdale and Beach market, according to the report.  

It is unclear what impact if any lease renewals are having on the data.

The completed leases do not reflect any deals that that may have been transacted without being marketed on the Multiple Listing Service
 
Of the Downtown Fort Lauderdale and Beach properties currently available for rent, nearly 110 properties have two bedrooms with a median asking price of about $1.90 per square foot per month. An additional 95 properties have one bedroom with a median asking price of more than $1.55 per square foot per month.  

Nearly 40 three-bedroom residences are available for rent at a median asking price of about $1.50 per square foot per month. More than 20 residences with at least four bedrooms are available for rent at a median asking price of more than $2.30 per square foot per month, according to the data.

Less than 15 studios are available for rent at a median asking price of about $1.34 per square foot monthly, according to the data.

In the Downtown Fort Lauderdale and Beach market, foreign buyers and institutional investors have acquired 99 percent of the nearly 5,100 units that were constructed in the area during the real estate boom that began in 2003, according to a CondoVultures.com report.  

The unsold developer unit total excludes the recently launched W Fort Lauderdale condo-hotel units and the nearly completed but vacant 298-unit condo-hotel complex at 551 N. Fort Lauderdale Beach Blvd. that was formerly named the Trump International Hotel and Tower before being repossessed by the lender of record in March 2012, according to a CondoVultures.com report

As of August 26, 2013, at least seven new condo towers - including the Orion and Grand Birch - with more than 300 units have been proposed for the Downtown Fort Lauderdale and Beach coastal market, according to the Proposed Condo Projects Database™ powered by CVR Realty™.

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.  

The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.   

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™Official Condo Buyers Guide To South Beach™Official Condo Buyers Guide to Sunny Isles Beach™Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™Official Condo Buyers Guide to Hollywood / Hallandale Beach™Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.

© Copyright 2013. Condo Vultures® LLC. All Rights Reserved.  


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