Luxury Condo Rentals are Slim Pickings as Inventory Runs Dry

As the wealthy continue to pour into South Florida in an effort to escape cold weather and severe lockdowns, Miami is seeing its inventory of luxury condo rentals dwindle to shockingly low levels. Below is a list of 48 luxury condominium buildings located throughout Miami-Dade County that are known to have large floor plans. Of the 48 buildings, 23 of them have zero units available for rent, 15 have just one, and 12 have only two. That's just a total of 39 rental units across 48 luxury buildings.

Earlier today, an agent on my team went to submit a full-price offer for a unit that had been listed for rent just yesterday. However, by the time she did, it was already gone. Within the first 24 hours, the listing agent had received 7 offers, 3 of which were full-price offers and one that was $300 above the asking price. It's that type of rental market right now, and there's no sign it will let up any time soon. By the end of this year, less than 450 new luxury condos will be delivered throughout Miami-Dade County, and who knows how many of them will hit the rental market (100 units from Elysee in Edgewater, 154 units from Turnberry Ocean Club in Sunny Isles Beach, 71 units from 57 Ocean in Miami Beach, 59 from Monad Terrace in South Beach, and 61 from Aurora in Sunny Isles Beach).

I never thought I'd say this, especially after the last two overdevelopment cycles, but "build, baby, build". New inventory can't come soon enough. With more and more financial and tech companies relocating to Miami and large corporations announcing they will continue allowing their employees to work from anywhere in the world even after the pandemic is over, Miami is well-positioned for solid price appreciation for at least the next three to four years.