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SURF CLUB FOUR SEASONS PRIVATE RESIDENCES is slated to be a 5-tower condo project wit...Landlords Ask $2.31 PSF Monthly For Coral Gables Residential Rental Properties
(This Report Is Powered By Brickell Ventures LP)
DOWNTOWN MIAMI (Sept. 19, 2018) - Nearly 190 residential rental properties are formally listed for lease in the Miami suburb of Coral Gables in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.
Based on completed leases of about 57 residential properties monthly in the first half of 2018, Coral Gables now has more than a three-month supply of rentals - apartments, condos, efficiencies, multifamily and townhouses - available in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the end of this year’s Summer Buying Season, according to the report based on data from the Southeast Florida MLS Matrix.
A balanced market is generally considered to have about six months of supply. More months of supply listed for lease suggests a tenant’s advantage and less months typically indicates a landlord’s advantage in the market.
It is worth noting that 48 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $2,000 per unit or $2.39 per square foot in Coral Gables.
The median asking price of a Coral Gables residential rental property currently listed for lease is $2,400 per property monthly. This works out to a median asking price of $2.31 per square foot monthly, according to the data compiled by CondoVulturesRealty.com.
In the first six months of 2018, the median transaction price of a Coral Gables residential rental property was $1,900 or $2.14 per square foot monthly, according to the data.
This means the current asking price of a Coral Gables residential rental property listed for lease is more than 26 percent higher than the median transaction price achieved on a monthly per-property basis and nearly eight percent higher than the median transaction price achieved on a monthly per-square-foot basis between January and June of this year.
In the first half of 2018, a landlord needed 42 days - on a median basis - to lease a Coral Gables residential rental. The current median Days-On-The-Market rate for a Coral Gables residential rental property listed for lease is about 44, according to the statistics.
The number of Days-On-The-Market for the residential rental properties currently under contract is about 52 in Coral Gables, according to the statistics.
CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented acquisitions of condos in the tricounty region of Miami-Dade, Broward and Palm Beach.