Published by Peter Zalewski
6/10/2024 
5:06:59 PM 
Renters leased nearly 9,700 residences in Broward County 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 Broward County increased by nearly 14 percent during the recently concluded 2023-24 Winter Buying Season, according to an analysis of statistics compiled by CondoVulturesRealty.com.
As leasing activity jumped by double digits, the median rental rate per square foot monthly was unchanged 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 9,700 residences – apartments, condos, efficiencies multifamily units and townhouses – in Broward County County in the 2023-24 season. By comparison, renters leased more than 8,515 residences in the 2022-23 season. That represents nearly 14 percent increase in total lease transactions.
It is worth noting, a total of more than 93,900 residential leases were completed during the Winter Buying Seasons spanning from the 2013-14 season through the 2023-24 season. That’s an average of about 8,537 lease transactions per season.
During the 2020-21 season, more than 9,925 South Florida leases – the highest total since the 2013-14 season – were completed in a six-month span as stay-at-home orders from the pandemic were lifted and a plethora of work-from-home employees relocated to South Florida from places such as California, Illinois and New York.
Industry watchers are at odds as to the direction of the South Florida housing market in 2024. Bullish investors are predicting housing demand will reignite once interest rates begin to fall. Bearish investors contend that home prices are too high and likely to collapse in the months ahead.
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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