This Miami Beach renter question comes just at the peak time of our high season and the question is:
When should I start looking at rentals?
First, let me start by stating that this post is for year leases.
When thinking about renting in Miami Beach it’s first important to understand the process so that you know in advance what to expect and also how to get the best deal.
In Miami Beach there are mostly condos and within a building you can have 300 or so condominium units. Each of these units are owned by individual owners. Often when these owners decide to rent out their properties they hire a real estate agent to put the property on the MLS database. Once the property is on the MLS it is advertised for rent and Miami agents show the property to prospective renters.
Most buildings take 7 to 14 business days for the rental application process. Therefore most owners prefer the tenants to start the lease within two weeks of signing everything and placing deposits. Some owners will even be a little more flexible and hold the unit for a few more weeks. It is really rare to find an owner that will hold a unit for more than 30 days.
Why? Because they are loosing money for every month a tenant is not in the unit. Also the rental market is pretty competitive right now and many properties often end up with multiple offers so the owners are going to take the best offer. Part of the best offer is a quick time to move into the unit.
Another reason why it’s not a good idea to look at the units before you are ready to secure the unit and place deposit is most likely the same unit that you like will not be available in a few months time. The inventory changes frequently here.
Copyright © By Jamey Prezzi 2010 * All Rights Reserved* Miami Beach Renter Question When Should I Looking at Properties?
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About Jamey
Together for over twenty years, Jamey and Ognjen know the meaning of hard work, persistence, trust and dependability. They have been involved in numerous real estate transactions that involved multi-million dollar properties from high-rise luxury living in South of Fifth to large estates on the islands like Sunset Islands and more.
Nice post!
When do you think is the best time of year to get the best deal on an annual lease? The summer?
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Thanks Rich. Honestly it just depends the inventory is on an off throughout the year… but yes, I think early summer is probably one of the best times.
**Right now though the rental market is starting to get a little competitive since financing is tight a lot of would be buyers are holding out and renting….. so it's creating a high demand. There are still pretty good deals though….. (for what you get for your money) Of course the beach is still way more expensive than Brickell/Downtown.
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