MIAMI NAMED NATION’S HOTTEST RENTING SPOT

via themreport.com — All of Florida is sizzling with demand thanks to the high numbers of remote workers of all ages and ultra-wealthy newcomers—as well as many retirees—looking for tax breaks, sunshine, and a more relaxed lifestyle.

Developers in Florida have been busy this summer, completing new apartments. However, this is still not enough to keep up with pent-up demand, which is why Florida markets are claiming the first spots on our list. With increasing tourism and business activity, Florida is experiencing a veritable rental boom.

For example, finding an apartment for rent in Miami—where the occupancy rate is at a spectacular 97.1%—can be a real challenge for most renters in the area. Here, apartments fly off the market within 33 days (10 days faster than the national average), and there are 24 applicants competing for each available unit. That’s almost three times the number of prospective renters per vacant unit at the national level. Adding fuel to the fire, a whopping 71.8% of renters in Miami renewed their leases, even with a 0.9% uptick in the total number of new apartments. That said, with an RCI score of 120, Miami reclaims the top spot as the nation’s hottest rental market this rental season—after a short stint in second place at the very start of the year, when it ranked just behind North Jersey.

Likewise, the job market in the Miami metro area also continued to expand, with a growth rate of 3.5%. Although this is slower than the previous year’s growth rate of 6%, it still outpaces the national rate of 2.7%.…READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are eighteen (18) active listings in the MS/VG market this week. A modest drop in inventory from last week. We are truly in a unique market with lots of unpredictability. More inventory increases in the months ahead? Anything can happen! Pending sales have remained the same. Values do remain strong in Miami Springs and Virginia Gardens. Multiple properties listed for over a million dollars are now pending sales. Despite interest rate increases, there are still many qualified Buyers out there. With tight inventory and high demand, the market is starting to transition back to a Sellers' market. Please refer to the articles posted on our website.

Six of the active listings are over one million dollars. One is listed at $2,300,000!! One (1) of the active listings has had a price reduction; one this week. We had been transitioning to a more neutral market. However, the continued tight inventory and demand, despite higher mortgage rates, gives Sellers an advantage and makes it difficult for Buyers. Expected interest rates increases in the future can mean fewer buyers. We anticipate more inventory increases at some point.

DEMAND IS STILL THERE!

Mortgage interest rates have remained between 6% and 7%. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are becoming more common again. The number of days properties are staying on the market is averaging 65 days. The demand remains high for properties under $500,000. There are no listings under $500,000. The low inventory at entry-level, higher interest rates, and homeowner insurance premiums make it difficult for many first-time Buyers. No properties are priced between $400,000-$500,000. One (1) is priced between $500,000-$600,000; three (3) are priced between $600,000-$700,000; four (4) are between $700,000-$800,000; three (3) are between $800,000-$900,000; one (1) is priced between $900,000-$1,000,000; five (5) between $1-2 million; and one (1) is listed for over $2 million.

SELLERS, THIS IS THE MOMENT TO PRICE IT RIGHT!
Increasing Inventory + Increasing Interest Rates = Less Demand.

During the period of June 30, 2023 through July 7, 2023, there were reported 4 new listings, 2 closed sales, 1 pending sale, 3 actives with contract, 0 expired listings, 1 cancelled listing, 0 temp off market, 1 price reduction, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of Friday, July 7, 2023. All closed sales are within the last 90 days.

*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  charlie@leonardrealestategroup.com

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