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Broward County Landlords Ask $1.62 PSF Monthly For Residential Rental Properties
Broward County Landlords Ask $1.62 PSF Monthly For Residential Rental Properties
Published on 9/22/2017 1:21:00 PM

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More Than 3-Month Supply Of Residential Properties Listed For Rent In Broward County

DOWNTOWN MIAMI (Sept. 22, 2017) - Nearly 3,250 residential rental properties are formally listed for lease in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC.

Based on completed leases of nearly 1,061 residential properties monthly in the first six months of 2017, Broward County now has more than 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 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 nearly 1,800 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $1,400 per unit or $1.35 per square foot in Broward County.

The median asking price of a Broward County residential rental property currently listed for lease is $1,750 per property monthly. This works out to a median asking price of $1.62 per square foot monthly, according to the data compiled by CondoVulturesRealty.com

In the first half of 2017, the median transaction price of a Broward County residential rental property was $1,450 or $1.40 per square foot monthly, according to the data. 

This means the current asking price of a Broward County residential rental property listed for lease is nearly 21 percent higher than the median transaction price achieved on a monthly per-property basis and about 16 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 43 days - on a median basis - to lease a Broward County residential rental. The current median Days-On-The-Market rate for a Broward County residential rental property listed for lease is about 49, according to the statistics. 

The number of Days-On-The-Market for the residential rental properties currently under contract is about 49 in Broward County, 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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