Rental rates surge in Sunny Isles

The median rental rate in Sunny Isles Beach increased 17 percent in the second quarter of 2012 as rental activity fell by 9 percent, according to a report from Condo Vultures. There were a total of 215 residential leases from April to June, compared to about 235 properties leased in the same period in 2011. But the median monthly lease price has risen from about $1.30 per square-foot in the second quarter of 2011 to approximately $1.50 per square-foot in the second quarter of 2012. By comparison, the median rental rate was $1.25 per square-foot per month during the same period in 2009. — Alexander Britell