Over the past 20 years Miami has experienced astonishing economic growth, population growth, foreign investment, and development. As thousands of celebrities, artists, bankers, and foreigners move to Miami, huge areas of the city that were once considered off-limits for residential use are quickly becoming the newest trendy places to live in with diverse rental properties available to suit anyone’s needs. But while the options for condo rentals and house rentals in Miami are now almost limitless; the Miami rental market is one of the most competitive in the country, and is definitely one of the most difficult markets.
I tell all of my clients to BUY a home in Miami instead of renting, and I have the data to back it up. Zillow reported in April of 2016 that Miami is the most unaffordable rental housing market in the entire country. Renters in Miami spend 72% of their income on rent. Miami is the most unaffordable for “typical renters,” who actually spend more than 78% of their income on rent. As of April 2016, Zillow reports that Miami has a median market rent of $2151. On the other hand, buyers only spend 37% of their income on monthly mortgage payments (assuming that the buyer puts down at least 20%.)
Fortunately for you, Stavros has never once failed to successfully locate a rental property for his clients. Stavros will guide you through the entire process and will do everything he can to help make it a smooth and enjoyable experience for you. Stavros excels at understanding every clients individual needs, and he is extremely efficient with both his time and your time; showing you only what is available on the rental market that exactly suits you and meets your specifications. Stavros will prepare you for the challenges that you will face as a renter in Miami and will minimize the problems and hurdles that most renters face when trying to rent in this extremely tight market.
Here’s how the process of renting a condo works in Miami:
- Provide Stavros with all of the criteria that you are looking for in your ideal rental property.
- Stavros will email you all of the available properties that meet your criteria. Together you will narrow down the options to a handful of your top choices.
- Stavros will arrange to show you the properties in person.
- When you find one that you want to make an offer on, Stavros will prepare a ‘Contract to Lease’ for you, which is your offer to the owner.
- If the owner approves your offer, you will submit a deposit equal to 1 month rent to Westside Estate Agency to hold in escrow.
- A lease will be prepared for you which you will sign, and the owner will sign, and once executed, you will be under contract on the property.
- You will need to immediately apply with the condo management to be a tenant in the building. A fee of $100+ is typical for the application, see below for details.
- You will wait 1-3 weeks for a response from the condo management. If you are approved, you will be ready to move in on the date specified in the lease.
- On the date that the lease commences, you will do a walk-through of the property with Stavros. After the walk-through, you will pay the owner the balance due for the rent & deposit, and you can then move into your new home!
When you rent a home in Miami or Miami Beach you should be aware:
- You should update and improve your credit report in advance of applying for any Miami rental as your credit will be checked.
- You will be subject to a background check.
- You will need proof of income such as bank statements, tax returns, paychecks, W2’s etc.
- You might need reference letters from both your past employer and your current employer.
- You might need multiple ID’s including a driver’s license and passport.
- You will need more money up front than in other rental markets; the majority of condo rentals in Miami will require:
- First Month Rent to the landlord
- Last Month Rent to the landlord
- 1 Month security deposit to the landlord, and in many cases two months
- Application fee to the condo association
- Security deposit to the condo association
To put the above finances in perspective; for you to rent a $3000 per month condominium in Miami, you will need no less than $9000 up front, plus $100-$150 minimum per tenant up front for application fees. You will have to fill out no less than 3 contracts and applications, but in some cases up to 5, so be prepared for a tedious process.