Renting an Apartment in Miami

By Orlando A Garcia

Finding an apartment for rent in Miami shouldn’t be a problem. With so many apartment complexes and individual investors who bought condos in the recent real estate boom, the inventory has remained high.

On the other hand, many apartment buildings were converted to condominiums and sold during the same real estate bonanza of the last 4 years, and the ‘rental conversions’ were a very popular option for those looking to buy their first home, but mainly with investors looking for a quick flip, and for a long time it was good business. This cut inventory at the other end of the spectrum, balancing the availability of rental units.

Reaching the fall of 2007, the backlog of homes for sale in Miami is at levels not seen for many years, the new condo buildings under construction keep adding more units to the already large inventory. Investors are now reluctantly becoming landlords, since condos are getting harder to sell, and new rental are coming online every month.

There are options for every taste. Just doing a quick search in the local MLS listings, taking as a sample apartments/condos with 2 bedrooms and 2 bathrooms, we found a wide range of rent prices, obviously depending of the areas: in Aventura, an area largely comprised of condo buildings, we found 328 of such units with rent prices between $1,200 to $5,250.

In Miami Beach, there were 385 units available, with rent prices between $1,200 and $16,000 at the luxurious Setai. Most condos and apartments hovered around the $3,000 monthly rent, and the majority is concentrated in popular South Beach.

In Downtown Miami, specifically in Brickell, where a good part of the new construction is taking place, there were 226 units available for rent, 56 of which were priced between $3,000 and $9,000 per month.

A few tips from Miami real estate agents about the process of renting in South Florida:

-Start looking early, don’t delay, call a real estate agent that handles rentals or start browsing the classified websites like SellHousesMiami.com, Craigslist, the Miami Herald, etc. If possible, begin your search at least 30 days before the date you’re planning to move. The reason for so much anticipation is simple: if there’s an application with the apartment complex or condominium association, it may very well take 10-20 days to get an approval, so the sooner the application the better.

-Make a list of the things you will need to know: how many parking spaces, is there washer/dryer in the premises, what is the policy regarding pets, and what is the minimum length of contract.

-Ask about application fees, and security deposits. Condo associations require an application fee that can be around $150, and many of them require now also a refundable deposit, in case you incur in damages to common areas.

-Landlords in Miami usually require first month’s rent and a security deposit (which is not the last month’s rent as many people believe) to cover for any damage to the property. Some landlords require 2 month’s rent as security deposit plus the 1st month.

-Ask about what is included in the rent: water, electricity, cable TV. Don’t be afraid of negotiating, many landlords and management companies in Miami do negotiate the terms of the leases.

For residential rentals and Miami real estate in general, contact the local expert in South Florida, Miami realtor Orlando Garcia with Ocean View International Realty, visit SellHousesMiami.com for free MLS searches, featured homes for sale, mortgage calculators and tips and advice for buyers and sellers. Give us a call toll free at 800-516-2144

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