I handed over the keys to the new tenants at 2 of my rental listings on Sunday, and it got me to thinking. How big is the rental market right now? As my research covering area 41 confirmed, there are a LOT more rentals than sales being done this month. (For those of you not in my business, area 41 is part of the imaginary grid realtors use for property identification. Area 41 includes Coconut Grove, Coral Gables, South Miami, the Roads and Shenandoah.)
In the last 14 days a total of 525 properties have come on the market. Ninety-three are single family homes, 192 are condos and townhouses, and 240 are rental properties. Granted, the total of homes for sale equals 285, but the amount of rentals isn’t far off that number.
Looking at pending properties there are 157 single family and condos or townhouses under contract, compared to 154 rentals.
The real eye-opener is what has actually closed in the last two weeks. Of the 431 closings, 323 of them were rental properties. That’s three times the amount of rental properties closed compared to condos and homes!
Statistics like this clearly point out the need to put the property you are selling at a very compelling price. If buyers aren’t finding a home that shouts “Buy me now!” it’s easy for them to keep looking at other homes or rent for a while.
If you are buying, selling, or renting let a local specialist help you. I’m always available at 305 794.6570 or you can leave me a note and I’ll get back to you immediately.
To stay updated with all local real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a follow-up email.