If you are in the rental business in Miami or would like to be, this article is for you. Miami continues to grow in both population and number of homes. That means more and more people want to buy an apartment in Miami.
Knowing this, today we want to give you some effective tricks to make your home stand out and be able to be rented for long periods without major headaches.
What are the best areas to rent in Miami?
Everyone has different needs and lifestyles, so talking about the best areas of Miami would be relative. However, there are areas that, due to their demand, price and living conditions, can have the best apartments in Miami.
Miami Beach
This is one of the places in Miami that needs no introduction. Art, architecture, luxuries and nightlife make Miami Beach a great place to rent a car in Miami.
According to the web portal Home Search (2021), the average rent in Miami Beach is $2,025 dollars. Although it may sound expensive, you don’t need to worry as the price range is extensive. You can afford homes with rents from $701 to $2000.
Rentals in Miami: South Fifth
South Fifth is home to some of the most exclusive homes on the planet. In fact, web portals such as Worldwide Group (2021), call it one of the best-kept secrets.
SoFi, as it is popularly known, is located a few meters from Miami Downtown, a perfect place to receive rentals in Miami. Many believe that SoFi’s luxuries make it difficult to find tenants and charge feesin Miami, however, the luxury housing market is one of the fastest growing in Florida.
Despite the exclusivity of the sector, the rental range is supremely versatile. According to Realtor (2021), rent can range from $1,000 to $8,500 depending on size and location.
Key Biscayne
Key Biscayne is the place where you live quiet and relaxed. Here you’ll find quiet neighborhoods, golden-sand beaches, and a natural vibe. Many think Miami is just partying, but it’s not. Places like Key Biscayne are more than desired by people who want peace and quiet.
In Key Biscayne, according to the apartment rental platform (2021), rents on average are $2,206 dollars. Even though there is a wide range of prices, the average is high because there are more high-value properties.
Coral Gables
According to Miami Home Search (2020), this area is 64% safer than the rest of Florida. For that reason, Coral Gables is on the list of the best places to rent in Miami. The neighborhood is growing, safe, and quickly positioning itself as a major business hub in Florida. It’s a great option for those who want to rent an apartment in Miami.
The average is $1,449. Like most neighborhoods, the price range is more than affordable.
Sunny Isles
According to Miami Home, this may be the best place for families. This is due to the infrastructure, the schools and the activities that can be carried out there.
As for the price range, the rent can be from $1500 to $15,000 dollars. The average is $2000 according to Realtor (2020).
What should you take into account to receive rents in Miami?
Before investing in Miami, you need to consider certain things in order to compete and stand out. According to Hal Feldman (n.d.), editor of the Miami Hal, the price, the characteristics of the property and the way things work is at the top of the list.
Having a fair price isn’t important, it’s vital. Tenants have probably been looking for the house for months and know when a price is high and when it isn’t. Speaking of rents in Miami , fair prices should prevail.
Additionally, according to Trulia (2020), in order to be competitive with prices and still generate profitability, the equation of income and expenses must be balanced very well. In this regard, here is a list of potential expenses that your home may have and that you should consider.
- Mortgage payments.
- Property taxes.
- Regular maintenance.
Tips to make your home stand out
According to The Balance, there are 5 steps to follow so that your home doesn’t get lost in infinity.
- Choose a desired property: it’s all about the focus. Do you want to receive monthly rentals in Miami or do you prefer to rent on vacations? You can see the Airbnb listing. This way you will understand the demand and supply of the market.
- Take advantage of the platforms: If you want to receive rentals in Miami for long periods, you can rely on websites specialized in rentals. You can try Craigslist or Cozy.
- Photographs: This is basic to get rentals in Miami. Everything enters through the eyes and an apartment can be discarded in seconds if the photographs are not good.
In conclusion, the best way to diversify investments and achieve sustainable rents in Miami is to have properties in demand. In other words, it’s about having real estate that generates interest. Although areas and neighborhoods play a role, you should remember that there will always be a housing market, from affordable homes to luxury mansions. Their mission is to stand out.
In any case, at PFS we are experts in real estate. If you want to invest in homes for sale in Miami and earn rents, we can help you make it happen.
References
Apartments (2021). Personalized search engine. https://www.apartments.com/es/key-biscayne-fl/?bb=pjhwg7hmsGh55wjH
Eberlin, Erin (2021). Best Places to Find Tenants for Your Rental. The Balance. https://www.thebalancesmb.com/find-renters-for-your-property-2124981
Feldman, H (n.d.). The SMART Guide To Renting. Miami Hal. https://www.miamihal.com/smart-guide-to-renting
Manhattan, Miami (2020). The best neighborhoods in Miami to live or invest in. Miami Home search. https://es.manhattanmiami.com/blog/miami/miami-best-neighborhoods-to-live-or-invest
Rent Café (2021). Miami Beach, FL Rental Market Trends. https://www.rentcafe.com/average-rent-market-trends/us/fl/miami-beach/
Realtor (2021). SoFi Rentals – Houses & Apartments for Rent. https://www.realtor.com/apartments/SoFi_Miami-Beach_FL
Trulia (2020). How to rent out your house. https://www.trulia.com/guides/how-to-rent-a-house/
Worldwide Group (2020). Everything You Need to Know About South of Fifth, Miami Beach Living. https://www.worldwideproperties.com/posts/everything-you-need-to-know-about-south-of-fifth-miami-beach-living