Rent an apartment in Miami: expectations and reality

Miami is a city that has won fame not only for the fashionable resort, but also for the world business center, the center of world aviation and the cruise capital of the world. Thousands of tourists, businessmen, investors, artists and celebrities come every day to this fabulous and alluring city. Not surprisingly, residential real estate is in great demand, which accordingly affects its price. Therefore, there is nothing wrong with arriving in Miami looking for ways to save on rental housing. How not to fall for scammers and how to save on rent wisely, we will try to tell in this article, and consider the most common misconceptions regarding the rental of residential real estate in Miami for a short time.

Cheap rent apartment in Miami

Reality: A cynical joke is popular among realtors working in Florida: “It’s cheap to rent an apartment in Miami with a camera.” Alas, this is the bitter truth. In the first half of 2015 alone, the average price for apartment rent has increased by 10%, and this trend is steadily increasing. Therefore, no need to count: “I will wait. Maybe tomorrow will be cheaper. ” Unfortunately, it will not be cheaper.

Rent an apartment in Miami on the spot easier and faster

Reality: A common mistake of many tourists coming to Miami is the decision to look for an apartment directly on the spot upon arrival. They explain this by the possibility of more choice and the opportunity to inspect the object on their own. In this, of course, there is logic.

But Miami is not Sochi. It is not met at the airport with signs “I rent an apartment.” In reality, there are not so many agencies that are engaged in short-term rent, but even fewer apartments, which are rented for a period of 1 month to six months. The vast majority of housing complexes do not allow the rental of apartments for a period of less than 1 year. And even if you are lucky enough to find a suitable option on site, which can take no weeks to search, a potential tenant in 90% of cases will have to consider his candidacy by the association of a residential complex or condominiumwhich usually lasts from 1 to 3 weeks. These are the rules, and they can not get around. And all this time you will have to stay in a hotel, which does not contribute to saving. And if the time of your visit coincides with one of the festivals, a world show or a holiday, you will sadly observe how your budget is rapidly decreasing. And the saddest thing is that if the condo association does not approve your stay in the selected complex, you will have to start the search again.

To rent an apartment in Miami from the owner without intermediaries is cheaper

Reality:Here the naive tourist expects most of the pitfalls. Owners rarely rent their apartments on their own. In the US, all real estate transactions are usually trusted to real estate agents (realtors) who have a special license and are assigned to a broker or agency, this is the only way to guarantee the purity and legality of the transaction for both parties. But enterprising citizens invented their schemes, the most common of which is sublease. Moreover, both the agents themselves and ordinary people, driven by the desire to earn extra money, and even the tourists themselves do it! They enter into a lease agreement with the owner for a year, after which they rent housing daily, weekly or monthly, offering to register you as a guest or relative, and accordingly, without an agreement.

Living in a flat like a relative or a guest, you must be prepared for the fact that you cannot solve any issues with the service, such as TV, the Internet. You will not be able to go to the gym, pool or spa, you probably will not have a parking space. And in general, you will have the feeling that you are encrypted in someone else’s student hostel, because if you find a condo association, you will be evicted from the apartment within 3 days, due to the fact that you did not go through the procedure of considering your candidacy in the association of this condominium. You will lose money and you will not be able to go to court, you are a guest or relative.

Do not trust questionable sources, forums and advertising in social networks. Feel free to ask for the name of the agent, broker and license number of both. The reliability of these data is easy to check and bring scammers to clean water. Know that only the real owner and licensed specialist can be engaged in the delivery of real estate for rent. In all other cases, it is illegal and is punishable by imprisonment of up to 5 years under the laws of the State of Florida. How to check a realtor, read here.

It is cheaper to rent an apartment in Miami for one, and live a large company

Reality: In this situation, events will develop as described above, but only with a greater degree of probability, because a large company cannot remain unnoticed, having only one key and attentive concierge at the reception. Ruined rest and loss of money are guaranteed.

Rent an apartment in Miami remotely, it’s like buying a cat in a bag

Reality:  The only serious risk can only be that the object you have chosen from the photo does not meet your expectations. It is foolish to deny that the apartments in the photo always seem bigger and better than they actually are. But after all, a hotel room is often rated by pictures. Typically, apartments in luxury residential complexes located on the first line do not have such complaints, but you should not expect chic and gloss from low-cost apartments, they are comparable to hotels of two to three stars.

More profitable to rent an apartment in Miami for a month, and during this time find the best option

Reality: There are nuances here. Suppose you are in Florida on a tourist visa, the maximum validity of which is 6 months, and all this time you plan to be here. It turns out that the term of your lease will be 1 month in one apartment and 5 months in another, i.e. short rent in both cases. According to the law of the state of Florida, in the case of renting residential property for up to 6 months, the tenant is charged a monthly tax of 13.5% of the cost of rent. As a result, you will overpay 81%, whereas it would be possible to avoid this overpayment if you immediately conclude an agreement for six months.

You can rent an apartment in Miami for a month, and if I like it, extend the lease for a longer period.

Reality: The first thing the tenant should understand, the shorter the lease term, the more expensive it is. And the second is that there are very few flats for short periods in Miami, so there is a very high probability that the next potential tenant has already been found for it, and you may not have the opportunity to extend the contract. Well, do not forget about the tax on short-term rent, which was mentioned above.

When planning your trip to Miami, first of all you need to know that all actions with real estate in Florida are strictly regulated by state laws and a number of rules that are set by each housing complex individually. No matter how hard you try, these rules cannot be circumvented, therefore, the more tempting a tenancy offer, the more likely it will be illegal or with violations. When deciding, consider whether such savings are worth spoiled rest and nerves spent. Forewarned is forearmed!

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