Miami-Dade Leasing Activity Jumps As Rents Fall In 2023-24 Winter Buying Season
A review of the Miami-Dade County statistics shows the median monthly rental rate per square foot fell about 3 percent to about $2.92 in the Winter Buying Season.
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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.
Join the Miami Condo Market Investing Club™ to see all five of the charts in this report that analyzes the Miami-Dade County rental market during every Winter Buying Season since 2013
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.
This is the second consecutive season that residential leases were up double digits percentage wise, following a deep drop in the 2021-22 season when about 11,780 leases were completed.
In reviewing the statistics from the last decade, the 2021-22 season ranks as the second worst leasing period behind only the 2016-17 season when about 8,800 leases were completed.
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It is worth noting, a total of nearly 149,325 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 13,575 lease transactions per season.
During the 2020-21 season, more than 19,110 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.