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
Those who do not wish to purchase a home may find that renting an apartment is an ideal solution for their situation. An apartment can offer many of the conveniences of home ownership such as a functional living space offering the renter the opportunity to eat, sleep and entertain in their domicile. Renting can also offer additional amenities such as meeting spaces, pools, weight rooms or exercise equipment. These types of amenities are optional and may not be available in all rental situations. This article will discuss the art of finding a rental apartment that will suit all of your needs.
Renters who are interested in finding an apartment should consider a number of factors. These factors might include their budget, location, requirements and desires. The key to finding an ideal apartment to rent is to strike a balance of these factors. For example a renter may desire amenities such as a pool, hot tub, sauna, steam room and onsite theater but these options may not be available in his budget range. In this scenario, the renter will likely have to make some compromises which may include realizing not all of the desired amenities are feasible within the current budget or making the decision to allot additional funds for rent.
Set a Budget First
Budget is one of the primary concerns for those looking to rent an apartment. For these individuals, the search for an apartment should begin with the process of narrowing down the search for apartments to those that are within the set budget. It might be worthwhile to look at a few apartments which are priced slightly above the budget. This is because, depending on the vacancy rate, there may be an opportunity to negotiate a slightly lower rate which can bring the rent of the apartment to within the renter’s budgetary constraints. Alternately the renter may decide he is willing to pay a little more for certain features such as a larger living space, more desirable amenities or a choice location.
Choose a Location
Location is a very important factor for renters to consider when searching for an apartment. An ideal location is one which is not to far from family, work or leisure activities. Again this is a matter of personal preference and will depend largely on the desires of the renter. Some renters may favor a shorter commute to work because it affords them more time to spend with their families. Other renters may not have family close by and may opt to rent an apartment further from work if it is near access to an activity they enjoy such as skiing in the mountains or surfing in the ocean.
Renters should also consider the surrounding areas when choosing an apartment. Some renters may enjoy being near social activities such as movie theaters and shopping centers while others may prefer to rent an apartment in an established neighborhood apart from the commercial areas. Likewise some renters may prefer living in an apartment where there is nearby access to public transportation while others may not favor this option.
Consider the Requirements and Amenities
Finally, renters should consider their requirements and preferred amenities when searching for an apartment. Requirements might include criteria such as two or more bedrooms, two or more bathrooms or a minimum square footage. These are criteria which the renter feels they must have in order to function in the apartment. For example a family with two children might need 2-3 bedrooms while a single person may be able to function with only one bedroom. However, a single person who works from home may require an additional bedroom to use as an office.
Renters should also consider the features they would like to have in an apartment complex. This may include access to a pool or exercise equipment, the use of a home theater for residents or meeting facilities which are only available to residents. Renters should carefully consider these options and determine which are most important to them.