Continuum South Beach Rentals are a Hot Commodity

Considering renting out your unit? Now is the perfect time to do so at quite a premium price.

Would you like to rent your Continuum Unit out during the high seasons for some excellent return on investment?  Or maybe you are moving out of town and thinking of renting it all year round. This blog is written for you!  As market analysts we saw a trend and we dived right into the data so YOU CAN MAKE THE BEST DECISION.
Rentals and more specifically seasonal rentals at Continuum are extremely desired (Winter months for the North American tourists and summer months for the Europeans). Those looking for a South of Fifth rental are willing to pay a premium price as the offering is limited especially in the high season months. We have even heard of people paying 4 months at Continuum while staying just 3 months. Moreover, many people that leased at Continuum are likely to come back the next year(s). We just listed unit 3205 for sale and we got several calls from agents and clients asking if the owners would rent the unit for the upcoming season. We also rented one of our pocket listings at a premium price for this upcoming holiday season. THE DEMAND FOR RENTALS IS HIGH!

Reason enough for us to investigate the Continuum Rental market to give you some insights into this market. This blog provides useful information for both tenants and owners.

Limited Availability of Continuum Rentals

If you are looking to rent at Continuum at this very moment, you can choose between:

• 2 One-bedroom condos
• 9 Two-bedroom condos
• 1 Three-bedroom condos*
• 1 Four-Bedroom condo

*There are some 3-bedroom townhomes available but they are not taken in consideration for this study

That is an extreme low amount of inventory to choose from in a relatively large complex.

The table below shows you how many units rented this year (column 1) as well as the active listings at this moment (column 3). Comparing these two columns with one another, you can guess the absorption rate (column 4) is high, without even doing the math. Column 4 shows we are experiencing a high level of absorption, hence very low levels of inventory.
To put this into perspective, everything below 6 months is seen as a seller’s market. This means owners are in a better negotiation position than renters and prices are likely to increase.

Rental Prices at Continuum South Beach

Please find below the price ranges and average prices (per SF) for Continuum units as well as the average prices per type of condo (Amount of bedrooms)

The Continuum South Tower accepts short term leases of 4 months, while the North Tower offers no less than 6 months.

The difference between water facing and non water facing in the north tower was not that much (less than a dollar difference). This is mainly because the north tower offers many smaller units on lower floors that trade for a relatively high amount per SF. These are entrance level prices which tend to have a higher price per SF. These lower floors do not have water views therewith lifting the numbers for non-water facing units.

The South Tower does see a significant difference between water facing and non-water facing units.  We see an average of $5.41 per SF for non-waterfacing units and $7.47 per SF for waterfacing units. Having said this we must mention that the only two rented units with no ocean views were low floor, unfurnished units, while most units in the building rent furnished.