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South Florida Rentals: Prices Are Rising

Large Winding Building
Photo Credit: Ussama Azam

By Far The Most Popular Housing Source, Rentals Are Now In Short Supply. This Is Leading To Price Increases.

While most real estate headlines over these past fifteen months have focused on reports of plunging inventories of residential properties for sale and surging numbers of sold properties, South Florida’s rental offerings have also been registering record-setting statistics worthy of equal headline space.

On July 31, 2021, there were 2,997 homes and condos available for rent across Miami-Dade County through the Multiple Listing Service (MLS), compared with 13,079 properties available for rent on May 30, 2020, a decrease of 77% over the 15-month time frame. 

Unlike the number of skyrocketing sales of Miami-Dade properties, the number of homes and condos rented during the May to July 2021 period vs. the May to July 2020 period were down 14% (8,939 properties in 2021 vs.10,380 in 2020). The decrease in the number of properties rented during these 3-month periods reflect the fact that the rental inventories are very low and that the average price per square foot has increased by 26% over the past 12 months, from $1.81 per sq ft per month to $2.50 per square foot per month. 

The year-over-year percentage changes for rental properties in Broward County looks very similar. For the same periods, inventories are down 73%, from 5,801 homes and condos available on May 30, 2020 to 1,565 available on July 31, 2021. The number of properties rented during the period were also down — from 6,041 rented during the May to July 2020 period to 5,316 rented during the same period in 2021, a decrease of 12%. Prices per square foot for all Broward rental properties during these 3-month period comparisons increased by 9%, from $2.19 per sq ft per month to $2.39 per sq ft per month. 

While the number of new rental listings entering the market each month had been steadily declining since the beginning of the pandemic, the number of new rental listings sharply increased in June and July, 2021. The average monthly number of new rental listings posted in Miami-Dade in June and July was 2,178 homes and condos — double the 1,088 new listings posted in May, 2021. The average number of new Broward rental listings posted in June was 1,444 units, contrasted with 1,207 new listings posted in May, reflecting an increase of 20%.

Curious about how the rest of the housing market is doing? Read our market report.

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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.