Renting in Miami can be overwhelming at times for many renters. 

Am I getting a fair price? Do I always have to pay first, last and security? Is there a better deal out there for me? Do I need renter's insurance?

These are all common questions that renters often ask themselves.  The fact is that they are very common concerns and they should be addressed from the get go. 

The recent real estate boom in Miami affected all aspects of the real estate market; including the rental market.  I remember when our communities had tons of rental communities where a tenant could walk in view a property, leave a deposit, fill out an application and move in a few days or perhaps a real estate associate showed the same rental property to a tenant which would rent the property earning the associate a nice commission while doing minimal work.  Well looks like those days are gone.  A vast majority of the rental communities have since converted to condos; as there were many eager investors willing to snatch them up for future rental income.  Therefore the market has changed a bit.  the way I see it associates now actually have to do a bit more work. If you represent the landlord you will actaully need to take a listing agreement, you will actually need to market the property and you will actaully have to show the property, present an offer and get it approved.  If you are representing the tenant you will actaully need to search the MLS for a suitable property and you will need to show several units with in the same building and then you will need to negitiate a favorable deal, then dont forget to assist the tenat with the condo board process.  The tenants also find themselves utilizing the services of real estate associates more often for rentals, they also find that they are dealing with condo boards plus a private landlord. 

What does all this mean to the renter?

To clear up some of the questions concerning renters.....

Am I gettting a fair price?  Well the best why to find out is to request a comparative rental analysis from your real estate associate.  This will quickly depict the over all picture of the rental market in the area or building you are interested in.  You could also use websites which offer IDX links such as our site www.miamirentseekers.com as a strong tool to do your own research.

Do I always have to pay first, last and security? Well in actually you do not ALWAYS need to pay all three months; however, most landlords will request it.  Keep in mnd that you may be renting in a building which requires a security deposit; therefore the landlord may not be holding all the funds as the building may be holding a deposit.  But dont be scared to try an negotiate especially if your qualifications are strong, landlords usually appreciate having a qualified tenant with good credit, stable income and good references.

Is there a better deal out there for me?  This is were your real estate associate comes in.  It is their job to find you the best deal out there, that is that fits your search criteria.  Keep in mind that a good associate can find good deals but they are not magicians to dont expect them to manifest something that is somply unreasonable.

Do I need renter's insurance?  Although it is a good idea to have renter's insurance it is usually not mandatory. I have seen some communities which require it for renters but they are few and far between.  Your real estate associate shoud be able to quickly refer an agent that can sell you a policy should you be intereted.

 Perspective tenats please CLICK HERE for some tips.

WWW.MIAMIRENTSEEKERS.COM "Changing the way Miami rents"