Published by Peter Zalewski
11/15/2023 
2:48:45 PM 
South Florida’s rental market is currently a landlords market with about 3.5 months of supply currently listed for lease in the tricounty region of Miami-Dade, Broward and Palm Beach, according to an analysis by CondoVulturesRealty.com.
In the first nine months of 2023, tenants leased an average of 5,096 units per month for a total of nearly 45,900 units between January and September.
Based on the currently actively listings in the Multiple Listing Service – a database used by Realtors to market condos – landlords have an advantage over buyers based on the supply available for purchase.
Generally, six months of supply is considered equilibrium for the South Florida housing market. Less months indicates a sellers market and more months points to a buyers market from a negotiating perspective.
Currently, the median asking price monthly for a rental is $3,000 per unit compared to a median lease price of $2,500 per unit. Pending leases went under contract at a median asking price of $2,500 per unit monthly.
On a price per square foot basis, the monthly median asking price for a rental is $3.07 psf compared to a median lease price of $2.55 psf. Pending leases went under contract at a median asking price of $2.46 psf.
To gauge buyer sentiment, we focus on the Days On Market (DOM) category to better understand how purchasers are proceeding. If buyers are optimistic, the number of days an active listing is on the market should be similar or less than the average period of time for deals to date. If buyers are bearish, the DOM category will show active listing sitting on the market longer.
To gauge seller sentiment, we focus on the spread between the average asking price and the average transaction price on a per unit and per square foot basis. Generally, a spread of up to 20 percent suggests that a seller is willing to negotiate to complete a deal. Anything greater than 20 percent suggests that sellers are overly bullish on their prospects of selling their units at a premium.
This information is believed to be accurate and complete but cannot be guaranteed or warranted. For more information, please call 305.865.5859 or visit CondoVulturesRealty.com
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South Florida Residential Rental Market Velocity Report As Of 11/14/2023 |
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| This is a snapshot of the residential rental market in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach in the first nine months of 2023. The residential property types tracked for this chart are apartments, condos, efficiencies, multifamily and townhouses. Please note, as a result of an arbitrary rule by the MLX Matrix the median prices and days on the market statistics reflect only 5,000 properties. | ||||
| This information was compiled by CondoVulturesRealty.com. It is believed to be accurate and complete but cannot be guaranteed or warranted. For more information, please call 305.865.5859 | ||||
| Units | Median Price Per Unit Monthly | Median Price Per Square Foot Monthly | Median Days On Market (DOM) | |
| Current Rental Listings | 18,043 | $3,000 | $3.07 | 64 |
| Current Pending Rental Leases | 5,173 | $2,500 | $2.46 | 32 |
| First Nine Months Of 2023 Completed Rental Leases (January Through September) | 45,865 | $2,500 | $2.55 | 33 |
| Active Listings v First Nine Months Of 2023 Completed Rental Leases Spread | 20.0% | 20.4% | 93.9% | |
| Average Monthly Rental Leases Completed In The First Nine Months Of 2023 | 5,096.1 | |||
| Average Months Of Supply Currently Actively Listed | 3.5 | |||
| Source: Southeast Florida MLX Matrix | ||||
Condo Market Inventory Tracker
A Snapshot Of Tricounty South Florida Region Of Miami-Dade, Broward And Palm Beach
| Databases | Active Listings | Months Of Supply |
|---|---|---|
| Condos | 24,016 | 10.2 |
| Luxury Condos | 3,740 | 15.1 |
| Shortsales | 30 | 15.0 |
| REOs | 126 | 6.6 |
| Rentals | 21,476 | 3.9 |
Peter Zalewski is a licensed real estate broker and consultant focused on the South Florida condo market. Zalewski is a former special contributor to the Miami Herald and a former real estate columnist for The Real Deal magazine. Zalewski now hosts the Miami Real Estate Investing Podcast that is available in audio and video wherever you get your podcasts.
Confused about whether it is the appropriate time to buy or sell a condo in South Florida? The experts at CVR Realty are here to assist you in crafting a strategy during this uncertain time. Unlike many brokers offering services, our organization has been through the cycles and can assist you to capitalize on the situation.
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