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Southeast Florida rental demand perks up in vacation spots and affordable markets in April 2024

MIAMI Commercal Economic Insights from the MIAMI REALTORS Chief Economist
MIAMI Commercal Economic Insights from the MIAMI REALTORS Chief Economist

By Gay Cororaton, MIAMI REALTORS Chief Economist

With the spring and summer seasons ushering in demand for short-term vacation rentals and permanent rental housing among movers, the number of multifamily units rented out  rose 35% in April from the prior month in Southeast Florida, at 4,420 units. In the single-family market, the number of rented units rose 12% in April from the prior month, with 2,270 homes rented out.

 

Absorption rates (rented units to total listings) rose in April in Broward (33% in April vs. 27% in March), Miami-Dade (31% vs. 23% in March), Palm Beach (25% in April vs. 23% in March) and St. Lucie (22% in April vs. 19% in March ) but slightly fell in Martin (18% in April vs. 20% in March).

 

Multifamily market

 

Multifamily asking rents held at their current levels in April from the prior month in Miami-Dade, Broward, Palm Beach and Martin County. However, asking rents rose in several vacation spots and less pricey markets. In the multifamily market, the largest increase in the median asking rent were in zip codes associated with cities that are vacation markets: Hobe Sound (10.3%), North Palm Beach (8.7%), Boynton Beach (8.2%), Palm City 4.0%), Jupiter (3.4%), and Boca Raton (2.8%).

 

Markets where the median asking rents of the zip codes were below $2,500 saw strong rent growth such as Stuart (2.3%), Delray Beach (2.3%), Homestead (1.3%), and Lake Worth (0.6%).

 

The highest rates of absorption were in cities associated with zip codes where the median asking rents were $2,500 or below. The highest median absorption rates were in Hialeah (55%), Boynton Beach (41%), Fort Lauderdale (38%), Hollywood (37%), and Port St. Lucie, at over 35%.

 

Of multifamily units rented out in April, the fastest days on market were in Key Biscayne (5 days), Palm City (8 days), and Jensen Beach (12 days). In the zip codes associated with the city of Miami which absorbs the most rental listings, the median days on market was 22 days.

 

Single-family market

 

In the single-family rental market, the median single-family asking rent rose 4.3% in Miami-Dade County from the prior month, was unchanged in Broward County, and declined in Martin (-0.1%) and in St. Lucie (-0.9%). However, vacation destinations and less pricey markets also saw rent growth. In the single-family rental market, the median single-family asking rent rose at double-digit pace in the vacation/luxury markets of Key Biscayne (39.5%), the town of Palm Beach (29.2%), Boca Raton (16.3%), Miami Beach (8.7%), and Jupiter ($6.8%).

 

The median single-family asking rent also notched up strongly in affordable markets like Stuart (8.1%), Hialeah (8.0%), Fort Pierce (6.7%), Opa-locka (5.0%), and West Palm Beach (4.4%) where the median single-family asking rents of the zip codes in these cities were below $3,500.

 

In the single-family market, the highest rates of absorption were in cities associated with zip codes where the median asking rents were $3,500 or below, except for Pembroke Pines, Dania Beach, and Miami. The highest median absorption rates were in Opa-locka (41%), Hialeah (38%), Miami Gardens (37%), Hollywood (37%), and Homestead (32%)

 

Of single-family units rented out in April, the fastest days on market were in the cities of Key Biscayne (12 days), Wellington (12 days), and Lake Worth (13 days). In the zip codes associated with the city of Miami, the median days on market was 18 days.

 

Download the report below.

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