THIRD QUARTERLY REPORT & MARKET TRENDS, 2016

A total of 72 condos were offered for rent in North Bay Village during the third quarter of 2016. This is a 59% decrease when compared to the previous year. This shrinkage in the market was caused by the rent price increase seen during the last two years. Current tenants have acknowledged this and have been choosing to renew their current lease over relocating, thus reducing the amount of units available to the market. When it came to the average listing price this year, it was an impressive $2,107 - a 3% increase from 2015.

For this third quarter of the year, we saw a steady 6% increase on the average list price and the average close price when compared to the previous year. Unfortunately, we also had a drastic decrease in the amount of unit being rented, plummeting down by 46% . The reason for this occurrence is due to the construction of three rental buildings in North Bay Village; specifically: “Shorecrest Club Apartments”, “Moda on the Bay” and “Treasures on the Bay III” which are all offering many incentives for their new tenants such as reduced move in cost, as well as bonus commission to realtors.