If you are looking at properties in South Beach for rent, it’s important to know that many of the rentals in South Beach do not allow short terms rentals of six months or less.  Many also do not allow rentals of less than one year.  But if you must rent short term, contact an agent who specializes in short term rentals.

#1 Tip  Use an agent, who knows the rental market and knows what’s going on.

It’s best that I first explain how the rental process works in Miami and Miami Beach.

If you look around South Beach you will notice that most of the buildings feature a couple of condos or hundreds of condos.  These individual condos are owned by individual owners.   Due to the nature of the rental process:  advertising the property, showing the property, handling deposits and the application process;  many owners hire a real estate agent to process the rental.   Many owners are not full time land lords and/or are not local.  They just don’t have  the time to secure a new tenant for the property.

Many owners hire Real Estate agents to list their properties for rent in a large database called the Multiple Listing Service.  The owner sets a commission for the rental and if the owner’s agent finds the renter he/she gets the full commission, if another agent brings the renter to the listing, the commission is split.   In many ways it’s very similar to a sales transaction.

The most misunderstood part of this process is many Renters think they need to call many different agents to see many different properties.  This is not the case.  If you can find one agent that you like working with and trust, that real estate agent (if they are registered with the local MLS) has access to all of the properties available for rent in that large database.    It’s easier to hire one agent to do everything for you.  They can look up the properties based on your criteria and price point, schedule the appointments, show you everything and from there help you through the transaction process once you find a property you like.  **The service fee is usually free for the renter because the owner pays the agent’s fee for securing a tenant.  (Always ask this in advance.)

If you are looking for a rental in South Beach, it’s key to find an agent who specializes in rentals in South Beach.  This way you will be assured that you are working with someone who knows the buildings and knows the ins and outs of the process.

#2 Not all agents are created equal.  Use the ones who return your calls timely. Who are quick, efficient and streamlined.

First impressions are everything.  If from the first beginning stages of contact, your impression is that the agent is not calling you back in a timely manner or responding to your emails fast enough….  move on and find someone who wants your business.  Find someone who knows what they are doing; is quick, streamlined and efficient in their processes.

#3  Use an agent who asks a lot of questions.  Asking a lot of questions qualify your needs and expectations is a good thing.

Sometimes when people call me and I start asking a lot of questions, I get the impression that they don’t want to share.  It’s important to know that there are a lot of little nuances in the rental business and we need to make sure that we know precisely what are your expectations, so we don’t waste any one’s time.

A few of the main criteria is the following:

1.  Are you ready to move within the next 30 days? ( It doesn’t make sense to start looking until you are close to this time frame.  Owners typically will not hold a unit more than 30 days out and the inventory changes frequently.)

2.  How much can you afford per month and do you have this amount times three? (first, last and security deposit is pretty standard in Miami.)

3.  Do you have pets and how much do they weigh? Not all buildings in the area accept pets and although the owner’s agent may write on the listing PETS OK, they may not have checked with the building’s rules to find out if building allows pets.  And then of course the next statement that always follows is: “But Jamey, I have seen pets in that building.” and I reply with, “Yes, I know but the building just changed the rules to allow only owners to have pets in the units and/or the renters who have pets are grandfathered in.”…..  Unfortunately this happens A LOT.

4.  Are you working with any other agents? This is one of the main questions that Realtors are supposed to ask prior to working with new clients.  In our field it is considered unethical to work with clients who are also working with other agents.  Plus it doesn’t make sense.  Find one agent that has access to the MLS database and have them show you all of the properties available.

Good agents ask questions to save you time.  Why look at 50 units that don’t match your needs when you can look at 10 that do?

In conclusion….

Finding a rental in South Beach can be an easier process if you work with an agent who knows the rental market.  I have had many client tell me that they couldn’t believe all of the paperwork required for renting and the process for renting in Miami and Miami Beach.  Be sure to work with a professional who knows how to best assist you and protect your best interests.

South Beach for rent & surrounding areas- 1 bedrooms- from $4000

South Beach for rent & surrounding areas- 2 bedrooms- from $5000

South Beach for rent & surrounding areas- 3 bedrooms- from $6000

Interested in buying or selling a Miami Beach Luxury Home or Condo?
Jamey & Ognjen Prezzi are Miami Beach Luxury Home & Condo specialists and
we welcome the opportunity to help you buy or sell in Miami Beach Real Estate.

Read what previous clients said about Jamey & Ognjen Prezzi’s services.
Call us today:  305-793-8965  Email me:  jameyprezzi@gmail.com

Copyright © By Jamey Prezzi 2010 * All Rights Reserved* South Beach for rent

You may also be interested in...

• Selling a Condo in Miami ::: Conventional Condominium Requirements
• Property Owners in South Beach & Brickell are throwing in incentives to rent or purchase their property…. People come with the unit?
• Venetian Islands Picture from the Bridge
• MEI Condo Miami Beach, my pick for view of the week

The Continuum I is the oldest of the two buildings from 2002 and is located at:  
100 South Pointe Drive , Miami Beach, Florida 33139

Based on the most recent MLS Data:

Continuum I

9 units are currently listed for rent from $5600  for a one bedroom up to $10,000 a 1791 square foot two bedroom unit.
7 units rented over the last 90 days from $3600 for a one bedroom up to $15,000 for a furnished two bedroom unit.

Continuum II was opened in 2008 and is located at:
50 South Pointe Drive , Miami Beach, Florida 33139

Based on the most recent MLS Data:

Continuum II

13 units are currently listed for rent from$3400 for a furnished one bedroom to $35,000 for a 4900 square foot three bedroom three bath unit.
5 units have rented over the last 90 days from $3500 to $13,500.

The Continuum South Beach condos for rent and surrounding areas from $3000 to $5000

The Continuum South Beach condos for rent and surrounding areas from $5001 to $7000

The Continuum South Beach condos for rent and surrounding areas from $7001 to 9000

The Continuum South Beach condos for rent and surrounding areas from $9001 plus

We know Miami Beach Luxury Homes & Condos and will help you get your home sold if you need to Sell your home or help to buy a property in Miami Beach, Florida.

Call us today: 305-793-8965

Copyright © By Jamey Prezzi 2010 * All Rights Reserved*The Continuum South Beach*

You may also be interested in...

• Continuum Miami Beach
• Miami Beach Neighborhoods Defined
• Continuum Condos
• Luxury South Beach Buildings: Continuum I……How much is the rent & What did it rent for?

It’s important to know that most of the condo rentals in South Beach are individual condos owned by individual owners.  If it’s a larger building it will most likely have on site property management and if it’s a smaller boutique building the management will often be a company off site.

If a more full service solution is important to you, you will most likely want to consider the larger buildings.  They typically have 24 hour front desk staff, valet services for your guest, 24 hour security and in general on site staff to accommodate your needs.  They also have more full service amenities than the smaller boutique buildings.

On my customers’ offers to rent I usually include the following items:

1.  Blinds or some type of basic window treatments.

2.  Finished closets.

3.  Unit cleaned prior to first day of lease .

4.  Paint touch ups (optional item)

5.  Lighting fixture covers. (optional item)

6.  In the bathroom:  Toilet Paper holders, Towel Bars (optional item)

Many of these requests will of course be addressed by the individual owner and their agent.  Depending on the terms of the lease they may or may not accommodate all or none of these items.  Some owners will say, “I will do all of those items if I get the asking price or I will provide the unit ‘as-is’.”  It really depends on the individual owner and their motivation to rent the property.

Another really big issue to consider in terms of rentals on South Beach is parking.  Most of the units in the luxury rentals in Miami Beach come with one assigned parking space.  It’s really important to find out if additional parking or valet (no charge) is available if you need it for additional cars in the household.

Rentals on South Beach priced from $4000 to $5000 per month
Rentals on South Beach priced from $5001 to $6000 per month
Rentals on South Beach priced from $6001 to $7000 per month
Rentals on South Beach priced from $7001 to $8000 per month

To View Miami Beach Homes & Condos for Sale Click Here We know Miami Beach Luxury Homes & Condos and will help you get your home sold if you need to Sell your home or help to buy a property in Miami Beach, Florida
Call us today: 305-793-8965

Copyright © By Jamey Prezzi 2010 * All Rights Reserved* Rentals on South Beach

You may also be interested in...

• Miami Beach Real Estate Update: Rentals Last Week 03/22/09- 03/29/09

So what are my favorite picks for condos for rent in Miami Beach meet these criteria?

Caribbean Condos Miami Beach renting from $4750 per month.

Mosaic Miami Beach Condos renting from $4000 per month.

Mei Miami Beach condos renting from $3700 per month.

Continuum One in SOFI renting from $6500 per month.

Continuum Two in SOFI renting from $6500 per month.

These five buildings are some of the most popular buildings for high end luxury rental clients.  All five are ocean front and offer some of the best amenities in Miami Beach.

You may also be interested in...

• Mosaic Condos in Miami Beach
• Caribbean Condos Miami Beach

If you are going to rent a Miami Beach Condo, there is a fine line between looking too early and looking at the last frantic minute.

Generally speaking when priced right;  rental inventory in Brickell, Downtown Miami, Midtown Miami and Miami Beach doesn’t stay on the market forever.  Therefore if you start looking two months out, it will probably not be the same inventory a month from now.  The other factor is the building application process.  Most buildings/management companies/condo associations take anywhere from 7 to 14 business days PLUS to process a building application.  So then again, looking last minute is also not advisable.

So what’s my final advice?

If you are a planner, start looking online a few months out and get a feel of the buildings/units that you like the most.  The best way to narrow down your selection is to first decide on the area where you most want to live:  Brickell, Downtown Miami, Midtown Miami or Miami Beach?  These are four very different areas and it’s almost impossible to preview everything available in each of these areas.  So first figure out the area where you want to be, then the building and then we can narrow down units within the building that best match your needs.

For the rest of you, about one month out from the start date is a good start.  Last but not least for my last minute people…..  yes, we can still find you a place quickly, it will depend on the building, you may need to stay in your hotel a few extra days but we can still find you a great place.

Just remember, to rent a Miami Beach condo is not at all like renting in most other areas.  To rent a Miami Beach condo is process.  We will have to work with the owner’s agents, the owners, the property managers and the condo association.  There is a lot in the mix.

You may also be interested in...

• Tell them to take it or leave….. the myths about renting in Miami & Miami Beach
• Should I Hire a Property Manager to Manage My Condo Rental?
• Meridian Lofts in South Beach

Unit # 5406
3 Bedroom 4 Bathroom, SQFT: 2335
$5000

Address: 900 Biscayne Blvd
Miami  Fl  33131

3 bedroom/4 bathroom + den condo on the 54^th floor at the 900 Biscayne with amazing views of Biscayne Bay, Miami Beach over 100 miles and down the coast.

VIEWS FROM THE UNIT at  900 Biscayne

KITCHEN at  900 Biscayne

BATHROOM at  900 Biscayne

The compilation of listing and market data information is provided by the REALTORS Association of Greater Miami and the Beaches. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental.

You may also be interested in...

• 900 Biscayne Amazing Views
• The Continuum South Beach: Luxury Rental Update
• Murano Grande South Beach
• Portofino Condos

One of the most expensive units that rented was a 3010 square foot 4 bedroom/4.5 bath unit in the Continuum North tower.  Continuum is located at 50 S Pointe Drive in the high end luxury are of South of Fifth.   It rented for $12,000 per month.

The Yacht Club at Portofino also in the South of Fifth area located at 90 Alton Road had an impressive 23 rentals.  The most expensive was a furnished 4 bedroom/ 3.5 bath that rented for $3500 per month, while the least expensive was a 1 bedroom/1 bath unit that rented for $1650 per month.

The Waverly located just off Biscayne Bay in South Beach in the West Avenue neighborhood, came in right behind the Yacht Club with 22 rented units.  The most expensive unit that rented was a 1262 square foot, furnished, 2 bedroom/2 bath.  It rented for $3450 per month.  The least expensive one bedroom was a 793 square foot, 1 bedroom/1 bath and it rented for $1500.

Just to name a few of the most popular Miami Beach Buildings:

• Flamingo 1500 Bay Road/ 18 rented units
• ICON 450 Alton Road / 15 rented units
• Bentley Bay 540/520 West Avenue / 15 rented units
• Floridan 650 West Avenue / 12 rented units
• Cosmopolitan 110 Washington Avenue  / 10 rented units
• Akoya 6365 Collins / 10 rented units
• Capri South Beach / 5 rented units

It just goes to show that rentals are still a hot commodity in Miami Beach.  Prices have come down over the last year but units are still renting.  In the luxury buildings, rental units still fetch a pretty high end price tag per month.

You may also be interested in...

• Miami Beach Luxury Homes & Condos
• South Beach Real Estate Update
• Waverly South Beach
• Popular South Beach Condos…How much did they get for the rent?

So what’s my final advice?

If you are a planner, start looking online a few months out and get a feel of the buildings/units that you like the most.  The best way to narrow down your selection is to first decide on the area where you most want to live:  Brickell, Downtown Miami, Midtown Miami or Miami Beach?  These are four very different areas and it’s almost impossible to preview everything available in each of these areas.  So first figure out the area where you want to be, then the building and then we can narrow down units within the building that best match your needs.

For the rest of you, about one month out from the start date is a good start.  Last but not least for my last minute people…..  yes, we can still find you a place quickly, it will depend on the building, you may need to stay in your hotel a few extra days but we can still find you a great place.

Just remember, renting in Miami or Miami Beach is not at all like renting in most other areas.  Securing a rental here is a process, there are owners to deal with and also condo associations.

You may also be interested in...

• Waverly South Beach
• 1100 Biscayne
• Venetian Islands Homes Real Estate Market
• 2 Great Buildings to Rent Now in Brickell & Downtown Miami

The majority of people who contact me ask me this question.  Where should I buy or rent:  Brickell, Downtown Miami, Midtown Miami or South Beach?  In terms of lifestyle each of these areas are very unique and then throw in what you get for your money and that little factor is actually the “biggie”.

Let’s talk areas first.  South Beach is a neighborhood of Miami Beach.  It is from (north to south) about 23rd street down to 1st street and (west to east) from Biscayne Bay to the Ocean.  The other areas are a little more vague, I am sure there is some definite distinction in a book some where but in terms of where I work and the buildings that I work in, I have drawn them up on the above map.  They include Brickell, Downtown Miami and Midtown Miami.

First of all, let’s break through the myths.  I would like to touch on a few.

1. When the media and other real estate statistics group all of Miami real estate into one big lump, unfortunately the numbers don’t really tell the entire truth.  Miami and Miami Beach are two different areas.  South Beach, Brickell, Downtown Miami & Midtown Miami are three different areas within the general “Miami” area and from there each individual building has it’s very own market data.

2.  The real estate market that most of the media is referring to is the “sales” market, not necessarily the “rental” market.  Often when people contact me to assist with renting and they say, “I know there are tons of empty units just sitting out there so people must be desperate to rent.”

• If the unit is empty and not sold off to anyone it is still “sitting” there as a developer unit and unless the developer has a plan to put it in a rental program, it is not even available to rent.
• The individually owned units are renting pretty quickly, in fact over the last six months in the areas that I specialize there were 2876 rented units.  In general when priced right it takes about three months to rent a unit in these areas.
• “I see some of these listings have been available for a few months, aren’t the owners desperate?” Well it depends.  Was it really listed empty for months?  Many owners list their properties a few months before the current tenants move out.  Unfortunately some of the listings are dated and not even available any more.
• Yes, the rental prices have come down and yes they are probably not where most owners had figured them to be but the properties are renting.

The areas…..

South Beach is a very unique neighborhood.  It’s jam packed full of different people from all over the world.   It’s a destination, a scene, lots of shopping, restaurants and one of the really true pedestrian areas of Miami or really Miami Beach.  Plus it features the infamous beach.  It’s truly a very mini city within itself.  Because it’s located on an island with not a lot of land left to develop, it can be kind of pricey.  The more affordable buildings are typically a little older and of course the newer buildings come at a premium.  Parking is not a given.  If you have a parking space on South Beach, it’s a luxury.

3.  Brickell is often referred to as the financial and business district of Miami.  There are a lot of banks, insurance companies and International professional businesses based in Brickell.  In terms of the overall environment Brickell feels a little more polished, commercial and planned than the organic feel of South Beach.  Brickell is located just south of Downtown Miami on the edge of Biscayne Bay (east).   Many of clients really like the Brickell area because in terms of what you get for your money, it’s a lot newer than South Beach.  For instance for about the same average price point of a typical affordable one bedroom on South Beach, you can have a brand new unit on Brickell:  nice kitchen, stainless steel appliances, washer/dryer, parking and amenities.  It also offers a pedestrian lifestyle and features the Mary Brickell Village area that hosts many shops, restaurants and bars.

4.  Downtown Miami is located just north of Brickell and south of the Biscayne Corridor and Midtown Miami Area.  This area stretches east of 95, south of the causeway and along the Biscayne Bay.  On the bay side of Downtown Miami are the Port of Miami, Bay side Market Place, the American Airlines Arena and the soon to be Miami Art Museum (scheduled to open in 2013).  Even in our more challenging market place, the developers of Marina Blue, 900 Biscayne and the newer Marquis have managed to open some of the best and highest end buildings in Miami.  I think this area has big things to come in its future!  Pretty impressive.

5. Biscayne Corridor/Midtown Miami are sort of parallel to the Miami Beach area and  just off of the Biscayne Bay.  I grouped these two areas into one because they are both similar to me in terms of development.  A few years ago, some of the blocks in these areas were literally grass and fallen down buildings.  They are the areas that were booming during our boom time.  There are still a lot of projects planned for the future in terms of development but since the market has slowed down, I think some of those plans slowed down too.    The 1800 Club & Quantum have totally transformed the Pace Park area.   For affordable living go to Midtown Miami.   In terms of pedestrian friendliness (sorry but that’s how I judge everything), during the day both of these areas are hustle and bustle but at night they are a little slower.  If you live in these areas you are probably going to be driving around in a car more than you would in Brickell or South Beach.  Don’t worry, they will get there I am sure of it.  **Note Midtown Miami has had a lot of recent success in terms of new restaurants and stores opening……  this area is now more hustling than in the past in the evenings.

As you can see, each of these areas are very unique.  Where you should live depends on your budget, lifestyle and what you expect to get for your money.  South Beach, Brickell, Downtown & Midtown Miami are different and each have something special to offer…..  drive around, do the comps, preview the buildings and find out which area and building fits you.

You may also be interested in...

• Buying a condo in Miami or Miami Beach: Are you the valet or do you need a valet?
• How Miami Beach Real Estate Data Can Get Skewed
• Venetian Islands
• Venetian Islands

This is a version of an email that I get about once a week from different people…

“Dear Jamey-

I found a listing on your website for a two bedroom at Bentley Bay for $3500 per month.  I would like to offer $2000 per month, if your clients will take this offer, I will sign a lease today.

Regards,

Everyone’s desperate to rent their condo on Miami Beach because there are a zillion vacant listings on the beach.

Dear Everyone’s desperate (…)-

If this is how you are going about finding a rental in this city, I bet you are having a very difficult and frustrating time.  The myth is that there are tons of vacant properties on the market and owners are desperate to rent out their units, the truth is….  not so much.  Plus it depends on the area, South Beach is much pricier than some other areas.

This is probably one of the biggest hurdles that I have to overcome when I initially speak to a rental customer,  setting proper expectations.  This thing is there is really no “guessing game”, “make me an offer game”, because there are active and closed rental data in our MLS system.  The owner’s agents have access to this data too.   It’s kind of tough to offer $2000 when the units are going for higher averages.

Yeah, yeah I know your friend got their unit for only one deposit down and paid $1800 a month for that ultra luxe place in South of Fifth.  The truth is, I looked up the closed data on the MLS …….  your friend told you a big fat story.  In fact this seems like the new fashionable talk of town in Miami and Miami Beach, “Can you believe I got a rental at this place for only $xyz?”

a little sidetracked below—

One other big issue with this offer is that I know if you have sent this to me, you have probably sent it to 20 other agents too.  When I take on a new rental customer, I ask for them to work exclusively with me. I don’t work with people who are working with 5 other agents.  Why should I?  First it’s against our ethics policy and second why should I invest my time in someone who is not committed to me?   I give my customers 110% and expect the same commitment in return.    We all have access to the same database, same properties, why work with 10 different agents?

Think about it this way, if your agent knows that you are 110% committed to them, don’t you think that they are going to work harder for you?  If not, fire them and find someone who will work 110% for you.  Call me.  Don’t call around 10 different agents and ask them to show you properties.

We always find out.  We do.  It’s not that you should really care so much that we find out that you are cheating on us; rather it’s that a small little “uggh”  is felt deep inside, the doubt starts to develop and personally for me when I find out, I say “bye, bye”.  I would rather spend more time dealing with my customers who I know are not cheating.  I am not desperate.

back on track here–

So here is the real low down.  Let’s say for instance you want to rent a condo in the South Beach area of Miami Beach.  Your criteria is as follows:  2 bedroom at Bentley Bay.  Right now on the MLS there are 9 rentals listed.  The price per month starts at $3100 for an unfurnished two bedroom and up to $5800 for a furnished two bedroom.  Over the last 90 days there were 10 two bedrooms rented from $2400 up to $3800.  Based on these statistics it takes about 2.4 months to rent a unit at Bentley Bay, which on average is right on for the typical time frame to rent a unit in South Beach, about 3 months (priced right).

So is your offer for $2000 a month realistic and is it a good deal for the owner to just get it off the market?  Averaging all figures together for the last 90 days,  the average rental for an unfurnished 2 bedroom unit at Bentley Bay is around $2762.  Now I should also mention three of the units  pulled into these averages were on very low floors (3, 5 & 6) and it’s pretty typical that the higher floors do garner a higher rent.   The lowest on the 3rd floor rented at $2400.

Speaking just to the averages, $2762 per month and you offered $2000.  Assuming it’s a twelve month lease,  the first garners $33,144 per year, while the second $24,000.  That’s a difference of $9144 per year.  Even if they do loose three months holding out for the $2762 per month, they will make $858 more per year waiting.  So no, your offer is not so good.  Not to mention that most owners want to hold value in their property and reducing the rent by $762 a month is not holding value and it also decreases the rental prices throughout the building.

Thank you for your inquiry, Everyone’s desperate and happy renting!

The compilation of listing and market data information is provided by the REALTORS Association of Greater Miami and the Beaches. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental.  I do my best to double check for accuracy, however I am human and errors can occur.  Please contact me if you find something that doesn’t look correct and I will be happy to look into it and correct if necessary.

You may also be interested in...

• Rent Miami Beach Condos-When should I start looking?
• Should I Hire a Property Manager to Manage My Condo Rental?
• Meridian Lofts in South Beach
• Rental News on South Beach