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Rental Inventory in Miami-Dade County Is At The Lowest In History

Aerial View of Brickell

Demand For Rentals Is Being Fueled By An Historic Housing Market.

Since May of 2020, the housing market has been incredibly active with record sales happening practically on a daily basis. The initial frenzy of buyer demand was focused primarily on the single-family home market. As competition in that sector grew, weary buyers turned their sights to condos. However, the ease of getting a contract on a condo quickly ended and some buyers had no choice but to turn to rentals.

The extensive inventory declines in the single-family home and condo markets have now spread to the rental market in Miami-Dade County. As seen in the chart below, the number of rentals on the market in Miami-Dade County is at an all-time low. In the period from January 1 to September 20, 2021 versus the same period in 2020, rental inventory has dropped by 74.8%. As a result of this steep decline in rental inventory, the median asking price has risen by 34.7% from $2,300 in 2020 to $3,100 in 2021.

Miami-Dade County Rental Inventory & Sales

Historical Rental Inventory Levels in Miami-Dade County

In a competitive market, working with a knowledgeable and savvy real estate professional can be the difference between making a winning offer, or having to move on to the next opportunity. At Berkshire Hathaway HomeServices EWM Realty, we have seen markets such as this before. The key to being successful is having a sound strategy for how you are going to engage in the market, and having a good grasp of your must-have qualities in a home as well as what you can afford financially. A Berkshire Hathaway HomeServices EWM Realty professional can help guide you every step of the way. Register below and get connected with one today!

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Our Associates write often to give you the latest insights on owning a home or property in the Southeast Florida area.