As more and more tech and finance executives move to Miami, the competition for real estate is getting hotter. While many new South Florida migrants are buying, a lot o them have opted to rent first. This adds up to competition, especially for single-family homes. During the lockdown, demand for a house rental in Miami has doubled, and it doesn’t look like it will slow down.
Right now, it is more competitive and expensive to rent a house than a condo. In fact, a home in a high-end location such as Coral Gables, Coconut Grove, or Miami Beach can cost two to three times more than a condo in the downtown area.
If you are looking to rent right now, your best bet is an apartment or condo building. Miami-Dade median rent is down 9.1% year over year due to a surplus of inventory. Here are some tips for people looking for a prime rental in Miami:
1- Think ahead
Start looking a few months before of your move. This will give you an idea of how much money you should have in hand for the first and last month, and the security deposit. If you can, explore all of your desired Miami neighborhoods to make sure they truly are your desired area for the rental.
2- If you want a house, act fast
Renters looking for a house can expect to pay more for it than for a condo. However, if you move fast and sign up for more than a year, landlords might be open to giving you a better deal. Because demand for rental homes is so high, if you find one that interests you, act fast!
3- Take your pets into consideration
Make sure you can abide to all of the rules before you sign a rental, especially when it comes to pets. If you have a pet, you might have to follow specific rules. For example, some buildings and leasers only allow certain pet sizes, and others don’t allow them at all. If you have a pet, make sure to look for rentals in Miami that can accommodate them! Most importantly, don’t try to hide your pet.
4- Check parking rules
Renters with one or more cars might have to pay parking fee expenses. Make sure to consider parking rules, and check parking availability.
5- Prepare all of your paper work
Make sure to have all of your paperwork ready to make the rental process smoother. Some of the things you’ll need include a copy of your drivers license, filled-out application, proof of income, and credit report.
6- Read before you sign
Before signing, make sure to read the contract thoroughly. It is also useful to do a little bit of research about the unit you will be renting. Check for reviews of previous tenants, and do a quick internet check to see if the unit is also up for sale. If that is the case, your landlord might need to show the property to prospective buyers, and might sign an early kick-out clause, should the unit be sold during your lease. Make sure you understand everything that comes with your rental, and decide if it is the right fit for you and your needs.
Looking for a prime rental in Miami?
If you are looking for help navigating the rental pool in Miami, contact us today!
Contact us now via WhatsApp: +1 (305) 318 6968 (Heloisa Arazi) or visit https://amgrealtymiami.wpengine.com to learn about all the opportunities in the South Florida real estate market.