The Real Deal Miami

South Beach rental activity falls as rents rise

October 24, 2012 12:00PM

Continuing a Miami-area trend, rental activity is seeing a decline in South Beach due largely to increasing rental rates, according to a report from Condo Vultures. Activity fell 3 percent in the third quarter, according to the report, with a 10 percent increase in the median lease rate. That was accompanied by a drop of 625 total properties leased in the third quarter, compared to 645 in the same period in 2011. The analysis was done by the rental division of Condo Vultures’ CVR Realty brokerage. — Alexander Britell