Leasing Activity Jumps 15% During 2023-24 South Florida Winter Buying Season

A review of the South Florida rental statistics shows nearly 33,100 residential units were leased during the Winter Buying Season that began in November 2023 and ended in April 2024.

Tenants paid a median price of $2.63 per square foot monthly for residential units leased during the South Florida Winter Buying Season that spanned from November 2023 through April 2024. (Photo courtesy of Google Maps)

As South Florida condo prices appreciate to the highest levels in recent memory, the number of leases completed in South Florida increased by nearly 15 percent during the recently concluded 2023-24 Winter Buying Season, according to an analysis of statistics compiled by CondoVulturesRealty.com.

Tenants leased about 4,216 more residential properties in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach between November 2023 and April 2024 than a year earlier in the 2022-23 season.

Even with the double-digit jump in leasing activity, median rental rates per square foot were able inch up by nearly three percent in the 2023-24 season compared to the 2022-23 season.

The Winter Buying Season traditionally stretches from November through April when visitors flock to South Florida to take advantage of the weather, events and vibe.

Tenants leased nearly 33,100 residences – apartments, condos, efficiencies multifamily units and townhouses – in the tricounty region in the 2023-24 season. By comparison, renters leased about 28,881 residences in the 2022-23 season. That represents nearly a 15 percent increase in total lease transactions.

We crunch a lot of statistics each week and then publish the results byway of a series of reports posted on CondoVultures.com.

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