The Rental Process in Miami
The Rental Process in Miami… As our previous blog indicated Miami has generated a tremendous rental market in recent years. With that said I decided to provide a quick little outline of how the rental deal should go:
A. Locate a real estate agent which specializes and is familiar with the rental process. Pick an agent.
B. Give the agent your search criteria. (this would include area desired, size of unit desired, do you have any pets, price range and any other information you would require in your unit – for example “washer and dryer in the unit is a must for me”)
C. Your agent will do the research and set up appointments to view units. (perspective tenants usually find a unit within 4 to 5 choices, but this number may vary depending on how specific the search criteria, the more specific the less units to view; for example someone with a large dog would not have as many choices as someone with no pets)
D. Once you have identified a unit you would like; a “contract to lease” also know as an “offer” should be filled out and a good faith deposit should be placed in an attorney’s or broker’s escrow account. This offer will depict all of the offering terms inclusive of rental rate, term of lease, move in date, any work to be done on unit prior to move in, maintenance resposibilities, deposits expected to be paid and all time frames, etc.
E. This offer will be presented to the landlord or the landlord’s representation. the landlord will either accept or counter or reject the offer. If a counter is made then the tenant has the right to either walk away from the offer and move on or accept the counter or even go to the extent to re-counter the offer. There is no limit on how many times the offer may go back and forth but usually it is an offer – counter and then acceptance.
F. Once ALL terms are agreed to the licensee will draft the actaul lease agreement and should review with the perspective tenant for signature and then present to landlord or landlord’s representation for landlord’s signature. At this point we have a lease in place to commence at a future date. All remaining deposits and move in funds should then be placed into the same escrow account as per lease agreement.
G. If you are moving into a condo or HOA property you will then proceed to the applicaiton process (keep in mind that the entire deal will be contingent on your getting approved by the association although you must excercise deligence in the application process as indicated by the original offer). Your real estate professional should be familiar with the process and be able to guide you easily. All associations are different. Here is a sample application.
H. Once you are approved it is time to wait for your move in date. Now it is up to the tenant to have utilities in order as well as movers. Also, do not forget that if you are moving into a building you will more than likely need to make an elevator reservation so that your movers dont have any issues bringing in your belongings.
I. At the end of your lease term you will more than likely be contacted by your real estate professional to see if you wish to renew your lease for an additional term or if you wish to vacate the property. Once again your real estate professional should be able to guide you with the process.
I hope that this helps anyone looking to rent a unit in MIAMI. Please view our Renter’s Guide for some helpful tips.
Miami Rent Seekers