Steps to Renting in Miami

Step by step guide to
Renting in MIami

Renting in Miami can be expensive. Decide what you can afford each month on rent FIRST! Keep in mind your other monthly expenses like utilities (electricity, water, internet, cable), food, transportation/car/insurance costs etc. Realtors/Landlords look for tenants who will spend no more than 35% of their monthly income on rent. This tells the landlord that the tenants are more able to afford their obligations AND pay rent on time each month with little risk.

2. CONDO, TOWNHOUSE OR HOUSE??

Narrow down what you want and need. Will your furniture fit in a condo? Do you have pets and need a yard? Do you need a garage? Do you have to have a swimming pool or a big yard for your boat? Renting in Miami can mean a tiny condo, a luxury hi-rise, a small house with a huge yard, a townhouse with a small yard. Miami has everything... narrow down what you NEED then WANT.

3. PICK YOUR TOP THREE NEIGHBORHOODS OR BUILDINGS!!

Miami is a HUGE place! Example: a 1300 square foot house with a little fenced backyard in Homestead (southernmost end of Miami) can rent for as little as $1100 per month. That same size house can be found in Cutler Bay (a little further north) for $1500 per month. That same size house can rent for $2700 in the South Miami/Coral Gables area. And on Miami Beach? Expect to pay more than $3000!!

Miami is actually the "Miami-Dade County". Within the county are tons of small independant Cities, Villages & Towns. Most popular cities include: City of Coral Gables, Town of Palmetto Bay, Town of Cutler Bay, Village of Pinecrest, City of South Miami, City of Miami Beach, City of North Miami Beach, etc. Each one of these cities, and all of the unincorporated areas and neighborhoods of Miami-Dade County... vary in the type of rental property available, and the property values attached. For instance, Brickell is an area closest to Downtown Miami and the majority of rentals are condos. Rentals in Pinecrest are almost all 3+ larger, more expensive single family homes.

Want to rent a condo? Every building is very different! Luxury buildings offer amenities like pools, spas, restaurants, concierge service, fitness centers, more. Other buildings may not offer any of those things, but will offer inexpensive rent as a result. Decide how much luxury you're looking for, to help narrow down your favorite buildings! Brickell, Downtown Miami, Midtown Miami and Miami Beach are home to the most popular hi-rises in Miami.

Once you've determined the above steps 1 & 2... you'll be able to narrow down your top three neighborhoods or buildings.

4. ENLIST THE HELP OF A FULL-TIME REALTOR THAT SPECIALIZES IN RENTALS!

The Miami rental market is very different than sales. It is extremely fast-paced and the best deals/rentals rent the quickest! Begin your rental search as far in advance as you want, but seriously go out and look with the intention of finding your perfect new home and putting in your offer ONE MONTH prior to your anticipated move-in date.

Landlords generally won't accept offers for more than one month out (they don't want a vacancy for that long, and know they can find a tenant to move in quicker!). Make sure your timing keeps in consideration that almost all condos and many townhouse communities require prior association approval- and screening takes from 2-4 weeks depending on the company and association.

An experienced Realtor will be able to get you on the right timetable so that everything gets done when it needs to!

5. HAVE ALL DOCUMENTATION READY!!

- Current credit report (print for free at www.annual credit report.combut make sure you pay a few extra dollars for the score).

- Letter from current landlord if possible

- Employment and reference information (names, phone numbers etc)

- If self-employed, most recent bank statements and/or proof of income

***If credit score is lower than a 700... be prepared with a written short statement explanationing the issues. While accounts in collections & charge-offs can be difficult to explain... bad credit due to medical bills, a short sale or foreclosure are usually easy to explain and most landlords will understand. BE PREPARED: often Landlords will require additional security deposit if bad credit.

6. FIND YOUR NEW HOME AND SUBMIT YOUR OFFER! QUICK!

Your Realtor will narrow down your possibilities based on the results of Steps 1 through 3. Ask them to forward the prospective properties to you directly from the MLS (don't use realtor.com or trulia etc - the information is days old and chances are the rentals you like most already have offers on them!). Look at the photos, price and security deposit etc and decide which ones you want to look at seriously. Ask your Realtor to make appointments to see your top picks.

Of the properties you view, pick your top THREE. Don't pick just one- if your offer doesn't get accepted, you'll need to move quickly to put an offer in on another place!!

SUBMITTING OFFERS: Your Realtor will help you submit your best offer. Together you'll determine (and write down): - How much you are offering to pay in rent (sometimes negotiable from asking price) - When you want to move in - Amount of security deposit you are able to afford

Expect a decision within 1-2 days from the time the Rental Offer Package is submitted (package will include your Lease Offer, Credit Report and a Tenant Application with any reference or landlord letters, etc.

7. IF YOUR OFFER IS ACCEPTED:

If accepted, your Landlord will sign and return with your new lease. You'll need both documents (offer and lease) signed by the owner. If an association approval is needed, you'll need to fill out the building/community's Rental Application and submit that with the other documents for approval. The fees will range from $50 - $150 to apply, per adult listed on the lease. Your Realtor will help you through all of this. Be available during the approval process... sometimes they will require you to meet with a Board member prior to moving in.

WAIT FOR APPROVAL from 2-4 weeks. Make sure you have your move-in money ready. You'll need to pay your first month's rent and deposits with cashier's checks or money orders.

MOVING... if a condo, make sure you call to reserve the elevator when you plan to move (day and time) and keep in mind they may require a deposit for the use of the elevator.

Any questions? Don't hesitate to ask! Renting in Miami is a different is a different experience for everyone. The above information is a representation of the majority of rentals in Miami but by no means does it cover everything!!

Best of luck on your search!! Let us know if you are in need of a great Realtor!!!