Typically when I am interviewing a new rental customer and I start to explain what to expect during the application process I get two different responses: (1) YIKES! Let’s get started as soon as possible and find a property or (2) whatever, my friend did it in two days. Usually I choose to work with #1 customer because I don’t want to be stressed out with #2 when they are down to the wire and cannot move into their property because the application is not approved. Yes, there are some condo associations that have easier applications but most are pretty lengthy and take 1 to 2 weeks to approve.
Why is the rental application process in Miami and Miami Beach like entering the CIA?
Most of the rental properties in South Beach, Brickell, Downtown/Midtown Miami are in buildings that are run by condo associations/property management companies and then any particular rental property within that building is usually owned by an individual owner (or developer). In order to rent the unit, you need to be approved by the owner and the building.
What are they asking for?
Most applications are going to check credit, background, work references and past tenant history.
How much does it cost?
Generally speaking most applications are going to cost for the application portion anywhere from $100-$250 per applicant. Most will allow one fee for a married couple. If the building charges a move in fee, it will probably be around $250+, and then there will probably be an elevator deposit from $500+ to hold the elevator for your move in date. EVERY BUILDING IS DIFFERENT but these are are pretty typical. Some buildings have more or less. **And don’t forget about pet deposits if you have a pet.
Why do you say to expect 1 to 2 weeks for application & start looking for a property no more than 1 month out and preferably 3 weeks prior to lease start date?
In order to turn in an application, you need to have an executed lease agreement which means you and the owner have to sign everything. In addition to the lease, you and the owner may need to fill out paperwork with the condo association. By the time everyone has signed everything, a few days could have passed. Then the application process usually takes 1 to 2 weeks. And no more than a month out because most owners don’t want to hold the property off the market for over a month.
Why is it important to work with an agent that is experienced in rentals?
For obvious reasons, some agents do not do rentals. Others do it on the side. My team practices this specialization on a daily business. We know the questions to ask to make the transaction go as quickly as possible. It’s a little stressful at times but working with someone who knows what they are doing makes it less dreadful.
Happy Renting and if you ever need help or have a question, call us!
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