Nearly 8-Month Supply Of Residential Properties Listed For Rent In Hollywood-Hallandale Beach

DOWNTOWN MIAMI (Sept. 29, 2017) - Nearly 620 residential rental properties are formally listed for lease in the Hollywood-Hallandale Beach market in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC.

Based on completed leases of 78 residential properties monthly in the first six months of 2017, Hollywood-Hallandale Beach now has nearly an eight-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 end of this year’s Summer 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 about 120 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $1,700 per unit or $1.70 per square foot in Hollywood-Hallandale Beach.

The median asking price of a Hollywood-Hallandale Beach residential rental property currently listed for lease is about $2,700 per property monthly. This works out to a median asking price of $2.40 per square foot monthly, according to the data compiled by CondoVulturesRealty.com. 

In the first half of 2017, the median transaction price of a Hollywood-Hallandale Beach residential rental property was $1,650 or $1.67 per square foot monthly, according to the data.

This means the current asking price of a Hollywood-Hallandale Beach 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 44 percent higher than the median transaction price achieved on a monthly per-square-foot basis between January and June of this year. 

In the first six months of 2017, a landlord needed 51 days - on a median basis - to lease a Hollywood-Hallandale Beach residential rental. The current median Days-On-The-Market rate for a Broward County residential rental property listed for lease is about 136, according to the statistics. 

The number of Days-On-The-Market for the residential rental properties currently under contract is about 90 in Hollywood-Hallandale Beach, 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.