Broward County’s rental market is currently a landlords market with about 3.3 months of supply currently listed for lease in South Florida, according to an analysis by CondoVulturesRealty.com.
In the first nine months of 2023, tenants leased an average of about 1,532 units per month for a total of nearly 13,790 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 $2,500 per unit compared to a median lease price of $2,200 per unit. Pending leases went under contract at a median asking price of $2,100 per unit monthly.
On a price per square foot basis, the monthly median asking price for a rental is $2.37 psf compared to a median lease price of $2.18 psf. Pending leases went under contract at a median asking price of $2.13 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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Broward County Residential Rental Market Velocity Report As Of 12/05/2023
|This is a snapshot of the residential rental market in Broward County in South Florida 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
|Median Price Per Unit Monthly
|Median Price Per Square Foot Monthly
|Median Days On Market (DOM)
|Current Rental Listings
|Current Pending Rental Leases
|First Nine Months Of 2023 Completed Rental Leases (January Through September)
|Active Listings v First Nine Months Of 2023 Completed Rental Leases Spread
|Average Monthly Rental Leases Completed In The First Nine Months Of 2023
|Average Months Of Supply Currently Actively Listed
|Source: Southeast Florida MLX Matrix