Published by Peter Zalewski
5/31/2024 
5:59:36 PM 
The median rental rate per month for a residence in Miami-Dade County was $2,700 in the 2023-24 Winter Buying Season. (Photo courtesy of Google Maps)
As South Florida condo prices appreciate to the highest levels in recent memory, the number of leases completed in Miami-Dade County increased by more than 17 percent during the recently concluded 2023-24 Winter Buying Season, according to an analysis of statistics compiled by CondoVulturesRealty.com.
Even as leasing activity jumped by double digits, the median rental rates per square foot monthly dropped by about 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 17,000 residences – apartments, condos, efficiencies multifamily units and townhouses – in Miami-Dade County in the 2023-24 season. By comparison, renters leased more than 14,745 residences in the 2022-23 season. That represents more than a 17 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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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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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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