Market Report Q4 2024

Miami Real Estate Market Report

Comprehensive analysis of Miami-Dade and Broward County rental markets

December 2024By Alenley Property Management
$2,650
Avg Regional Rent
5.0%
Annual Growth
93.9%
Occupancy Rate
16.5
Days on Market

Executive Summary

The South Florida rental market continues to demonstrate resilience and growth in Q4 2024. Miami-Dade and Broward counties are experiencing strong rental demand driven by population growth, limited inventory, and continued economic expansion. Property owners are benefiting from both rent appreciation and high occupancy rates, making this an opportune time for strategic property management.

Miami-Dade County
Average Rent$2,850
Annual Growth4.2%
Occupancy Rate93.5%
Days on Market18 days
Broward County
Average Rent$2,450
Annual Growth5.8%
Occupancy Rate94.2%
Days on Market15 days

Top Performing Neighborhoods

Miami-Dade County

Brickell

$3,200/month avg

5.1%

annual growth

South Beach

$3,500/month avg

3.8%

annual growth

Coral Gables

$2,600/month avg

4.5%

annual growth

Aventura

$2,900/month avg

4%

annual growth

Broward County

Fort Lauderdale

$2,600/month avg

6.2%

annual growth

Hollywood

$2,200/month avg

5.5%

annual growth

Pompano Beach

$2,100/month avg

6.8%

annual growth

Coral Springs

$2,300/month avg

4.9%

annual growth

Key Market Trends

Waterfront Premium

High Impact
Positive

Waterfront properties commanding 25-40% premium over inland properties

Remote Work Demand

Medium Impact
Stable

Continued demand for home offices and flexible spaces

Luxury Market Growth

High Impact
Very Positive

High-end rentals ($4,000+) seeing strongest demand

Inventory Shortage

High Impact
Ongoing

Limited new construction keeping vacancy rates low

2025 Market Predictions

Rent Growth

3-5% annual increase

Confidence: High

Key Factors:

  • Limited supply
  • Population growth
  • Economic stability

Occupancy Rates

92-95% average

Confidence: High

Key Factors:

  • Strong demand
  • Job market growth
  • Tourism recovery

New Construction

Moderate increase

Confidence: Medium

Key Factors:

  • Zoning approvals
  • Construction costs
  • Developer interest

Investment Activity

Continued growth

Confidence: High

Key Factors:

  • International buyers
  • Cash purchases
  • Rental yields

Investment Recommendations

Buy Opportunities
  • • Emerging Broward neighborhoods
  • • Waterfront properties under $500K
  • • Multi-family properties in Kendall
  • • Renovation opportunities in Hollywood
Hold Strategies
  • • Prime Miami Beach properties
  • • Established Coral Gables rentals
  • • Fort Lauderdale waterfront
  • • Luxury Aventura condos
Caution Areas
  • • Overpriced downtown Miami
  • • Flood-prone areas without elevation
  • • Properties with major HOA issues
  • • Oversupplied luxury markets

Property Management Market Insights

Tenant Preferences 2024

  • In-unit washer/dryer (95% preference)
  • High-speed internet included (88%)
  • Parking included (92%)
  • Pet-friendly policies (76%)
  • Gym/fitness amenities (68%)

Management Challenges

  • Rising maintenance costs (+12%)
  • Contractor availability issues
  • Insurance premium increases (+18%)
  • Hurricane preparation costs
  • Tenant screening complexity

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