{"id":9604,"date":"2024-04-29T11:39:24","date_gmt":"2024-04-29T15:39:24","guid":{"rendered":"https:\/\/www.lee-associates.com\/southflorida\/?p=9604"},"modified":"2024-04-29T11:39:25","modified_gmt":"2024-04-29T15:39:25","slug":"a-good-sign-for-renters-competition-may-not-be-as-fierce-as-before-in-south-florida","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/southflorida\/2024\/04\/29\/a-good-sign-for-renters-competition-may-not-be-as-fierce-as-before-in-south-florida\/","title":{"rendered":"A good sign for renters? Competition may not be as fierce as before in South Florida"},"content":{"rendered":"
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\n\t\t\"Sun\n\t<\/div>\n\n

Sun Sentinel Discusses South Florida Multifamily Market with Lee & Associates Principal, Todd Cohen<\/h3><\/div><\/div>
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'A good sign for renters? Competition may not be as fierce as before in South Florida'<\/h1>\n
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By \u00a0ABIGAIL HASEBROOCK<\/a>\u00a0\u00a0\u2013\u00a0<\/span> Sun Sentinel<\/div>\n
April 25, 2024<\/div>\n

 <\/p>\n

While home prices continue to soar, the rental market may be cooling down in South Florida, providing renters much-needed relief.<\/p>\n

The Miami-metropolitan area, which includes Miami-Dade, Broward and Palm Beach counties, saw the most significant decrease in the median cost of rent from the first part of 2023 to the first part of 2024, out of the 75 most populated metropolitan areas across the United States, according to a report by Forbes Advisor.<\/p>\n

The region saw a decrease of $400 in the median rental price for Quarter One, which is typically January, February and March, compared to the same time frame last year.<\/p>\n

The\u00a0report<\/a>\u00a0also found the tri-county area to be among some of the least competitive rental markets in the nation of the 75 metros, a finding that differs from when the region\u00a0received high rental competitiveness scores<\/a>\u00a0at the end of last year. At the time, real estate experts predicted renter relief in 2024 with inventory picking up, price stabilization and even how 2024 being an election year may lead to lower interest rates.<\/p>\n

In its report, Forbes determined these findings through metrics including availability of units, price and population.<\/p>\n

\u201cWith all these methods, we\u2019re looking at how difficult it might be to find a rental that\u2019s available,\u201d said Alexandria Cremer, a senior digital public relations strategist at Forbes Advisor.<\/p>\n

Typically, lower rental competitiveness indicates finding a rental would be easier than if the rental competitiveness of a region is quite high.<\/p>\n

Todd Cohen<\/strong><\/a>, a principal with Lee & Associates South Florida, which handles real estate deals across the region, defined rental competitiveness as \u201cthe ability to drive rental growth.\u201d This growth is influenced by factors such as inflation or demand for housing being higher than the supply to address it.<\/p>\n

\u201cThe demand is still there and Florida still is a place people are seeking out to move, and it\u2019s not just a retirement haven anymore,\u201d he said.<\/p>\n

Growth still abounds<\/h4>\n

Cremer said the report found the Miami-metro area to be the 11th least competitive rental market because of various factors: a median rental price decrease, as well as a lower-than-average prospective renters\u2019 population and a slightly higher-than-average vacancy rate, which is the number of days an available unit remains on the market.<\/p>\n

Cohen said he has not necessarily seen a dip in rental competitiveness because growth still abounds, and supply is working hard to keep up with that demand.<\/p>\n

\u201cA tremendous amount was developed when, during the pandemic heyday, interest rates were still super low,\u201d he said.<\/p>\n

Cohen\u2019s beliefs coincide with a RentCafe\u00a0report<\/a>\u00a0from March, which found the Miami area to be the most competitive rental market in the U.S. at the start of the year.<\/p>\n

The factors drawing people, developers and companies to the area during and right after the COVID-19 pandemic still persist, Cohen said, but the market \u201chas to take a breather.\u201d<\/p>\n

\u201cI\u2019m just seeing that things have gotten back to what they were prior to this just exponential skyrocketing of growth and rental growth,\u201d he said. \u201cDevelopers who didn\u2019t have to give any concessions to lease up their properties are now giving maybe a month or two of free rent to get people in because people aren\u2019t moving here every five seconds like they were.\u201d<\/p>\n

These concessions does not mean the market is unhealthy, though, Cohen said. The influx of development and new supply means \u201cthe market needs to digest.\u201d This also may lead to more opportunities to choose from when looking for a new place to live.<\/p>\n

\u201cThat\u2019s how things work and that\u2019s how you get people to notice your building, and you need to be competitive because you\u2019re not the only show in town anymore,\u201d he said.<\/p>\n

Another trend working against supply catching up to demand is the use of short-term rental units, often used by vacationers.<\/p>\n

A deep need for workforce and affordable housing still exists, he said, which has brought forth programs such as the Live Local Act, which offers incentives to developers to allocate portions of residential projects to workforce housing.<\/p>\n

\u201cWe can expect that there are apartments coming online every month, new deliveries are made by developers,\u201d he said. \u201cThere will be a push to have more affordable and workforce, and I think there already are some that have been green-lit and have already been started to be developed and I think more and more of those will come online, so that will help.\u201d<\/p>\n

Read More...<\/a><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div>

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About Lee & Associates South Florida<\/strong><\/h3>\n

Lee & Associates South Florida is a fully vertical commercial real estate brokerage firm focused on industrial, office, retail, multifamily, investment and land sectors. Our dedicated team of professionals is led by Matthew Rotolante, CCIM, SIOR a 4th generation South Florida native in a family that has owned and operated commercial property here since 1928. Lee & Associates is the largest agent owned brokerage in the nation with Senior Agent\u2019s ability to earn profit share resulting in the highest splits while still receiving full resources, support and leads from our national network. Our collaborative and cheerful culture allows for open communications throughout the company, fostering the sharing of information and best practices to better enable client decision making.\u00a0 The Lee & Associates\u2019 robust national network that sold and leased over $32 Billion in 2022 offers clients a cross-market platform of expertise and deal opportunities across all asset specialties and representation roles. For the latest news from Lee & Associates South Florida, visit leesouthflorida.com<\/a>\u00a0or follow us on\u00a0Facebook<\/a>,\u00a0LinkedIn<\/a>,\u00a0Twitter<\/a>\u00a0and\u00a0Instagram<\/a>, our company local news<\/a>.<\/p>\n

About Lee & Associates<\/strong><\/h3>\n

Lee & Associates is a commercial real estate brokerage sales, leasing and management firm. Established in 1979, Lee & Associates has grown its service platform to include over 75 offices\u00a0in the United States and Canada. Lee & Associates is the largest agent owned commercial real estate brokerage where agents get the greatest return for their efforts and hence are more committed and better enabled to provide superior results for their customers. \u00a0For the latest news from Lee & Associates, visit\u00a0lee-associates.com<\/a>\u00a0or follow us on\u00a0Facebook<\/a>,\u00a0LinkedIn<\/a>,\u00a0Twitter<\/a>\u00a0and\u00a0Link<\/a>, our company blog.<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div>

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\n\t\t\t\n\t\t\t\"Lee\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"

‘A good sign for renters? Competition may not be as fierce as before in South Florida’ By \u00a0ABIGAIL HASEBROOCK\u00a0\u00a0\u2013\u00a0 Sun Sentinel April 25, 2024   While home prices continue to soar, the rental market may be cooling down in South Florida, providing renters much-needed relief. The Miami-metropolitan area, which includes Miami-Dade, Broward and Palm Beach counties, saw the most significant decrease in the median cost of rent from the first part of 2023 to the…<\/p>\n","protected":false},"author":76,"featured_media":9605,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,1817,108],"tags":[1843],"class_list":["post-9604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-investment-sale","category-multifamily","tag-todd-cohen"],"yoast_head":"\nA good sign for renters? 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