Demand for residential rental properties following the recession has boomed, leading to a higher median rental rate than at any time in at least the last five years, the Miami Herald reported.
In 2012, tenants leased an average of 200 properties per day in South Flora’s three major counties at a median rental rate of more than $1,200 monthly for a 1,000-square-foot residence. The rate represents a 10 percent increase over 2011 when tenants leased an average of 182 residential properties in South Florida.
At this leasing pace, South Florida now has about 80 days of residential rental inventory available, which in turn is driving price increases in 2013, as new rental developments are several months or even years away from completion. [Miami Herald] —Christopher Cameron