South Florida Rents are Up, and Leasing Activity Slows

by Isaac Benmergui, Esq on June 28, 2012

Although the South Florida rental rate increased by 13 percent in the first quarter 2012, leasing activity decreased by 7 percent in east of Interstate 95 coastal market.

The square footage price rose to $1.69 during the first 90 days of 2012, which a year ago, stood at $1.49. In 2010, tenants paid $1.51 per square foot. As rents increased, tenants leased fewer residential units in 2012’s first quarter, at 905 properties compared with 970 from a year ago. In 2010, 915 coastal residential properties were leased between January and March.

If the current leasing pace continues, the 3,050 residential properties available for rent will take the market more than three months to absorb, but with the high number of foreclosures that still remain on the books, but have not yet completed and the lack of financing for buyers, the inventory could begin to decrease rapidly in the coming months.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

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