Rent a Property in Miami or Miami Beach

Over the past 25 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 to be a renter in. Miami is the most unaffordable for “typical renters,” who actually spend more than 78% of their income on rent. Miami has a median market rent of $2223 and the median rent price in Miami Beach is $2,425.

I suggest that most of my clients who intend to stay in Miami for 5+ years buy a home in Miami instead of renting. Miami is repeatedly ranked as the most unaffordable rental housing market in the entire country. Renters in Miami spend 72% of their income on rent. Buyers only spend 37% of their monthly income on mortgage payments (assuming that buyers put down 20%).

Fortunately, Stavros has never failed to successfully secure 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 client’s 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:

1. 1. Provide Stavros with all of the criteria that you are looking for in your ideal rental property.
   2. Create an account on the website and set up a saved search for rentals that meet your criteria.
   3. 4 weeks before your desired lease start date, contact Stavros to arrange to show you your 5-6 favorite properties in person.
   4. When you select 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.
   5. If the owner approves your offer, you will submit a deposit equal to 1 month’s rent to hold in escrow until the lease start date.
   6. 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.
   7. You will need to immediately apply with the condo management to be a tenant in the building. A condo management application fee of $100 is typical, and is the maximum allowed by state law.
   8. You will wait 1-4 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.
   9. 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 condo in Miami you should be aware:

• You must improve and update your 3 credit reports in advance of applying for any Miami rental as your credit will be checked, and you’ll likely need a 700+.
• You will be subject to a background check.
• You will need proof of income such as bank statements, tax returns, paychecks, W2s, etc.
• You might need reference letters from both your past employer and your current employer.
• You might need multiple IDs including a driver’s license and passport.
• You will need more money upfront than in other rental markets; the majority of rentals in Miami will require:
  • First Month Rent to the landlord
  • Last Month’s Rent to the landlord
  • 1 Month security deposit to the landlord, (and in many cases two months)
  • $100 application fee to the condo association
  • Security deposit to the condo association

To put the above finances in perspective; for you to rent a $4000 per month condominium in Miami, you will need no less than $12,000 cash up front, plus $100 up front for condo management application fees and up to $1000 for the condo management security deposit. You will have to fill out no less than 3 contracts and applications, and in some cases up to 5, so be prepared for a tedious process.