How to rent a house in Miami, what documents are required for renting an apartment and what pitfalls tenants expect at various stages of the transaction, read on.
Miami is one of the most fashionable and fashionable resorts in the world. Endless white sand beaches, mild climate, summer all year round, great shopping and lots of entertainment for every taste attract thousands of tourists every day, which makes this city as expensive as desirable. Hotels located along the coastal strip cost tourists a tidy sum, especially the days of staying during holidays or festivals, when the price tag for even a modest hotel room reaches a four-digit amount. Therefore, renting an apartment in Miami is very profitable compared to staying at a hotel. And if with renting a hotel room everything is transparent, then with rental of residential real estate in Florida, things are somewhat different.
The fact is that all real estate transactions in the United States are strictly regulated by law and a number of rules, ignorance of which can turn into a big problem for the tenant and unplanned expenses that can be avoided if you know how the procedure for renting or renting housing in Miami. For the same reason in America it is not customary to rent housing on their own. You can rent, buy, or sell real estate only through a realtor, who must have a special license and be tied to a broker or a real estate agency. Only in this case can be guaranteed purity, legality and security of the transaction for both parties. All real estate properties are entered into a single MLS (Multiple Listing Service) database, access to which only licensed real estate professionals have, therefore, the price and order of the transaction will be the same, regardless of which realtor you contact. The key point is the fact that the seller pays for all actions with real estate, which means that you will not have to pay for the selection of a suitable option.
Remove the property in Miami can be a short and long term. Consider each case in more detail.
Short term rental properties in Miami
Short-term rental property is considered for a period of 1 week to 6 months. Accommodation for rent for such a period is usually more expensive, and the price will vary depending on the season. High is the period from November to April. At this time, rental prices rise by 20-50% of the cost in the summer. Well, of course, the shorter the rental period, the more expensive the cost of living. It should be understood that real estate prices in Miami vary greatly depending on the area, developed infrastructure, proximity to the ocean and the condition of the object.
Features short-term rental
- Most agencies do not work with rentals for a period of less than 6 months, and the reason for this is quite commonplace. It is not profitable. The realtor receives a commission of 4-5% of the total amount paid by the client for the entire duration of their stay. If the client rents an apartment for a period of 1 month for $ 1,500, then the agent’s commission will be a maximum of $ 75. Of this amount, the broker’s commission is 10-35%, and the remaining amount barely covers, or even does not cover the cost of gasoline and parking, when the agent leaves to see the objects. So it turns out that there is no desire to look for an apartment for $ 10-30.
- In the case of rental of residential real estate for a period of up to 6 months, in accordance with the law of the State of Florida, a tax of 13.5% is charged to the tenant. This means that the monthly rent increases by the amount of the tax.
- The number of residents in the apartment (or house) is limited. So in the studio can live no more than 2 people. If the number of tenants exceeds 2, then it is necessary to choose a room with a large number of rooms, and this number varies depending on the rules of each residential complex separately. Count on the fact that you can move into a small apartment with a big company is not worth it, it has a number of consequences, which are described in the article “Remove real estate in Miami: waiting and reality.”
- As a rule, regardless of the lease term, tenants will have to go through the procedure of considering their candidacy by the housing complex association on the subject of solvency, which takes 1-3 weeks. The cost of this procedure on average is usually $ 75-150, paid by the tenant and is non-refundable. The potential tenant will be asked to provide bank statements, income statement, documents for all family members. Be prepared to be asked to pay the full amount of the rent at once. A feature of the real estate market in the United States is that the market is focused on the seller, not the buyer, therefore, it does not make sense to dictate its conditions to the apartment owner. If the owner or condo association does not approve your candidacy for living in the apartment of your choice, you will be denied the rent. Until you receive condominium approval, you will not be able to move into an apartment. The mistake of many tourists is to be sure that they will easily be able to find residential property on the spot, upon arrival in Miami. Alas, this is not Sochi, and the naive tourist will have to pay for accommodation in the hotel, which can be delayed for a period of 2 weeks to 2 months, and at a price be comparable to the semi-annual rent for an apartment.
- In the overwhelming majority of cases, the potential tenant will need to make an insurance deposit in the amount of a monthly rent, payment for the first and last month of residence, and an insurance deposit of a condominium, the amount of which is set by the housing complex. Thus, if the monthly rent is $ 1500, you will immediately have to pay $ 4500 + condo insurance deposit. Only after that you can apply for the procedure of consideration of your candidature for the subject of residence in a particular housing complex. If the association made a negative decision, then the entire amount is returned to you. In the case of a positive decision, the insurance deposits will be returned to your account within 30 days after the eviction from the apartment, if the owner and the association have not revealed any damages and damages caused by the tenant.
- Living expenses such as electricity, Internet and cleaning are usually not included in the rental price, and are paid by the tenant themselves. Sometimes they can be deducted from the security deposit, if it is spelled out in the terms of the contract.
- After settling in the apartment, further issues with maintenance, repair and other household issues are resolved directly with the owner of the apartment, or the condo association.
- Often, after the eviction, under the terms of the lease agreement, the tenant must pay $ 100 for cleaning the apartment. This is called a “cleaning fee”.
Long term rental apartments in Miami
The long term rental property in Miami is a period of 1 year. Rent an apartment for a year is much easier and cheaper than for a short period. But here, too, tenants expect pitfalls, which you need to know in advance.
- As in the case of a short-term lease, a potential tenant will be expected to be examined by a condo association, which will be interested in your status in the US and solvency, ideally confirmed by a credit rating. Tenants with a legal status and a positive credit history should not be worried, people with a tourist visa will have a deeper and more detailed check, additional deposits are possible, which each housing complex sets independently.
- The rental price for the annual lease is fixed and can not be changed by the owner of the apartment until the expiration of the contract. The contract also specifies all payments that fall on the shoulders of the tenant. As a rule, it is light, Internet, TV, telephone.
Thus, a potential tenant often has to spend a lot of time and effort on finding housing, even with a lot of financial resources. That is why you should trust the professionals who will take care of all the paperwork, explain all the nuances of the lease, prepare the contract, ensure the purity and legality of the transaction, and also save you time, money and nerves.