“South Florida by the numbers” is a website function that catalogs the most notable, quirky and shocking serious estate data.
Attitudes on South Florida’s scintillating rental marketplace differ wildly, based on standpoint. For area unit house owners and buyers, the sector stays insanely worthwhile (even if fairly cooler than very last calendar year), even though battling renters are among the most price-burdened and competitive in the whole place. Forward-wondering developers have guess big on luxury rental condos the place buyers can gain passive profits by actively internet marketing and leasing their units out for shorter-term stays. We examine the interplay concerning these effective forces in this edition of “South Florida by the figures.”
35 percent
Proportion of Fort Lauderdale, Pompano Beach and Miami renters considered “severely” price burdened, in accordance to a January analyze by the Harvard Joint Center for Housing Reports. When merged with the 61.9 per cent of area renters who are (“merely”) charge burdened, South Florida will become 1 of the most high-priced locations to dwell in the country. Local renters’ median residence profits is $50,000 (with month-to-month rental housing expenses at almost $1,700), very well higher than typically high-priced sites to stay these kinds of as Honolulu, Washington, D.C., San Francisco, and New York Metropolis. [SunSentinel]
1
Miami-Dade County’s rating amongst the 20 most aggressive rental markets in the to start with months of 2024, in accordance to RentCafe’s Rental Competitivity Index. An ordinary of 14 renters contend for an ordinary apartment in Miami, down from the 20 recorded last year, but nonetheless a few more than the future closest industry. The lease renewal charges hit 73.4 p.c, while area flats stood vacant for an regular of 36 days, equally stats earning #1 rankings for the county. [MultihousingNews]
43 %
Improve in effective South Florida rents given that February 2020, and one element of the finest disparity in rent development proportion involving critical apartment markets considering the fact that the pandemic, according to RealPage Analytics. Though South Florida condominium expansion is climbing — undertaking improved than in any region of the country — the reverse is the situation for the Bay Space in Northern California, wherever population decline and a nonetheless recovering careers marketplace have induced condominium rents to stagnate during that similar period of time. San Francisco, San Jose, and Oakland have noticed rents all but flatline (and even decrease in San Francisco), although Fort Lauderdale and West Palm Beach get the #2 and #3 spots in this national ranking, and Tampa (42.5 per cent), Jacksonville (32.3 p.c), and Orlando (31.9 %) all documented cumulative rate hikes effectively previously mentioned the national norm about the past four decades. [GlobeSt]
$31.2 million
Value compensated by Harvey Hernandez’s Newgard Development Team in December 2023 for the 1-acre web-site close to Fort Lauderdale’s Brightline station, the place the new Natiivo Fort Lauderdale condominium challenge will be developed. Natiivo will have 384 fully-furnished units precisely intended and formulated for short-time period rentals, following Newgard’s Natiivo Miami and Natiivo Austin tasks, as well as neighborhood rental jobs from PMG, Lion Enhancement Group, Fortune Global, Marc Roberts Firms and many others. [TheRealDeal]
26 million
Amount of People in america considered “credit invisible” simply because their rent payments (even when paid on time) go unreported by the credit score bureaus. But a new software provided by Zillow would remedy this by enabling contributors to report their rent payment background to the bureaus, most likely improving their credit scores and their capability to protected home loans. [MiamiHerald]
This column is produced by the Master Brokers Forum, a community of South Florida’s elite authentic estate pros exactly where membership is by invitation only and dependent on outstanding generation, as nicely as moral and qualified behavior.
