Rental Property Inventory is low…..
At Miami Rent Seekers we specialize in residential real estate in the Aventura, Sunny Isles, North Miami, Hollywood, Hallandale, Bal Harbor, Miami Beach, Brickell and Downtown Miami markets. In recent months we have noticed a significant drop in the inventory levels for available rentals. I believe this may be attributed to several factors which we are noticing in the market.
1. The market is offering excellent rental rates for properties which in the past would have rented for much more.
2. There are many people unfortunately losing their homes to foreclosure, this sector is turning to the the rental market for there housing needs. Increasing the pool of potential tenants
3. Banks are placing REO or Foreclosure properties on the market for sale but not for rent.
4. We are currently in the “snow bird” season; therefore, many owners which have rental properties in buldings which allow short term or vacation rentals will simply take advantage of the increased rental rates for a vacation rental during the season.
In essence all these factors are adding up to a decrease in available inventory.
Our advise is that if you are currently in a rental property and you do not need to move yet, but your lease is expiring, that you simply negotiate a renewal with your current landlord. If you used a real estate agent to locate the unit in the first place, you can simply contact your agent and they will be happy to take care of the negotiations for you. When one of our associates attempts to negotiate a renewal with a landlord on behalf of the tenant they will typically suggest a rate reduction when appropriate due to market conditions; pointing out aspects of the deal like; your “great payment history”, the fact that there will be no down time for rental payments (no waiting for a new tenant), the idea that the landlord will not need to paint or clean the unit for a new tenant.
If you do not need another year, landlords are sometimes apt to renew for a shorter period of time. Again, the agent you originally used should be able to assist you with this process.
If you must move we recommend you contact an agent which is familiar with your desired area and you start your apartment hunt as early as possible. We recommend 45 to 60 days prior to your lease expiration. This will provide ample time and will avoid the pressure situation of having to settle because you are in a hurry. This will also allow proper time for the application process.
In short rental rates are still great; you will get much “bang for the buck”, but your choices may be less than in the past.
Miami Rent Seekers