Miami Rentals: Ask and Know

Are you considering renting? If so, you need to ask and know answers before leasing Miami homes for rent or condos. Miami rentals are a hot commodity.

Why a big demand for Miami rentals ? Many homeowners who lost their home through foreclosure or sold a short sale are now renters. It will take years for them to qualify to purchase a home. Add to the hysteria is the constant demand for the under 30 crowd and the student market particularly for

Coral Gables rentals

Brickell condos

Coconut Grove townhomes 

South Miami single family homes

Dadeland apartments

Kendall homes

Below are set of Questions to Ask regarding Miami rentals. Click on the question to obtain the answer. Use your back arrow to return.

Questions to Ask 

1. How soon should I start looking for Miami rentals?
2. Why are Miami rentals hard to find and rents high?
3. Is it cheaper to rent than to buy in Miami now?
4. Will my rent increase?
5. What are the requirements to rent?
6. What advance monies and security deposits are required for single family homes for ren and condos?
7. Is there a Realtor® fee to help me find a condo or house for rent?
8. What other rental expenses should I expect?
9. Should I use a Miami Realtor® to help me find rentals?
10. What is the Florida Residential Landlord and Tenant Act?
11. How long do I have to wait for an Landlord's to accept or decline an offer to rent?
12. What are the requirements for an international student to rent?
13. How do I know that I am offering a fair rent for the property? 
14. How long does it take to obtain homeowners association or property management approval?
15. Are tenants allowed to use the common areas and amenities such gym, pool, or club room?
16. Are tenants permitted to have pets? 
17. Is there a pet deposit and/or monthly fee?
18. What types of pets are permitted and size?
19. Does the Landlord pay the association fee or does the tenant?
20. How many parking spaces are available?
21. Does a real estate agent have a way of knowing if Miami rentals are pending foreclosure?
22. What happens if I rent a property and the owner forecloses on their Miami rental ondo?
23. What is the typical lease term?
24. What form of payment is accepted for the advance rents and security deposit?
25. Who pays for utilities?
26. How will the advance rent money and security deposits be held?
27. How do I know where my security deposit or advance rent is being deposited?
28. How soon should I receive my deposit money after I move out?
29. Is there a cleaning fee after move-out?
30. Can a Landlord keep all or part my security deposit?
31. Can a homeowner refuse to rent to students?
32. Is there a limit to the number of roommates allowed in a Coral Gables house for rent?
33. Am I responsible for the upkeep of the premises and/or appliances?
34. Is there a walk through inspection report conducted at move-in?  

1) How soon should I start looking for Miami rentals? Landlord favor prospective tenants moving in within 30 days or sooner or close to the date the property becomes available for occupancy.

2) Why are Miami rentals hard to find and rents high? It's a matter of supply and demand. There are more people renting now than ever before. Homeowners with underwater mortgages and the unemployed are walking away from unaffordable monthly payments to rent. Therefore, with an increase demand for Miami rentals and a low supply, rents will continue to move upwards.

3) Is it cheaper to rent than to buy in Miami now? Certainly, not now! As rents continue to move upward, it makes more sense to buy than to own today.  Homes prices have dropped considerably to what they were prior to the real estate bubble burst. The prices for Miami homes for sale are starting to reflect the true supply and demand instead of mere speculation.

4) Will my rent increase? There is no rent control in Florida. If you have a written lease, your rent can’t be increased during term of the lease. If you don’t have a lease or on a month-to-month, the Landlord can increase your rent without any limitation! The landlord is required, however, to give you a 15-days advance written notice before he can collect the new rent amount.

I know of developer’s lease agreements that include a percentage increase on rent upon renewal. This is something to consider and  I can’t emphasize to please read your lease agreement carefully or utilize the services of an attorney before signing.

5) What are the  requirements to rent? Landlords are looking for financially stable and responsible tenants to rent their property. An offer to rent does not have substance unless it is presented with the prospective tenant's proof of income, financial stability and character references.  Below are examples of what you may be asked to submit with your offer.  Every real estate agent differs in their business approach to  submitting an offer on a property, which affects your chances of being accepted or rejected.

• Last pay check stub or for the self-employed last year's tax return or bank statements. If you are an international student, a letter from the embassy, bank account statements, scholarship or grant letter.
• Credit report with a FICO score
• Police report
• Rental Application
• Letters of Reference
• Copy of Drivers license
• Copy of Passport (international students or visitors)  

6) What advance monies and security deposits be required for single family homes for rent and condos? In both single family homes for rent and Miami condos you need to provide usually first and last month rent plus a security deposit equal to one month's rent. It is customary for a condominium association to require a one month's building security deposit in addition to monies for the Landlord.

7) Is there a Realtor fee to help me find a condo or house for rent ?  Not to the renter. It is the landlord who pays a commission to the Realtor to market and find a qualified tenant for their Miami rental.

8) What other  rental expenses should I expect? Expect to pay fees that pertain to being approved as a tenant to include application fee or credit, criminal record and background checks.

9) Should I use a Miami Realtor® to help me find rentals? People do rent without using a Realtor®. The difference is having an expert that is knowledgeable about the area could make the difference in negotiating a fair and competitive rent offer. Be sure to work with an agent that knows the area, is aware of  buildings or homes having association problems or maintenance issues and alert you to properties that are pending foreclosures.

10) What is the Florida Residential Landlord and Tenant Act? It is the rights, obligations and recourses allowed by Florida law for landlords and tenants.

11) How long do I have to wait for an Landlord's to accept or decline an offer to rent? A written offer to lease written uo  by a real estate agent provides the Landlord a specified period of time to accept or decline offer.

12) What are the requirements for an international student to rent? Miami is an international city and welcomes people from all over the world to come work, study and invest in the Magic city.  For international students or visitors it’s a matter of proving financial stability or source of income. For students, usually a letter from the Embassy, copy of bank statements, and/or scholarship or grant letter may suffice.

13) How do I know that I am offering a fair rent for the property? You wouldn’t know unless you seek the services of a real estate agent or have historical rental data.  As a Realtor, I am able to obtain current data regarding rental prices for specified area or development.  Data is a helpful indicator of pricing trends and so is the property’s condition in relationship to its value.

14) How long does it take to obtain homeowners association or property management approval? It depends on how quickly you submit the required application packet and the individual association or property management’s office turnaround process.  On average it takes 1-2 weeks while others may take a little bit longer.

15) Are tenants allowed to use the common areas and amenities such gym, pool, or club room? Normally, tenants have all use rights of the association property and common areas as does an owner. If  an owner is late on paying association dues, the association may suspend rights of use for the tenant and guests until full payment is received. Right of use is not applicable to utility services provided to the unit, parking spaces, or elevators.

16) Are tenants permitted to have pets? It depends on the Landlord or the association. There may be restrictions on tenants having pets but not on owners, or limitations on quantity, size, and weight.

17) Is there a pet deposit and/or monthly fee? A deposit or monthly pet fee may be required. Pet deposits are usually non-refundable.

18) What types of pets are permitted and size? Normally, dogs and cats within a specified weight usually under 21 pounds. There are exceptions to the rule subject to the development, landlord and association.

19) Does the landlord pay the association fee or does the tenant? The owner pays the association fees. In the event the owner is delinquent and under certain conditions, the association is permitted by Florida law to collect the rent after written notice is provided to the tenant. Condo or homeowners associations have created an Addendum to Lease to address rights and obligations of all parties under these types of circumstances. Always check with your legal counsel.

20) How many parking spaces are available? Parking is at a premium due to space limitations for Miami condos or apartments for rent in Brickell, Downtown Dadeland- Kendall, Coral Gables, Coconut Grove, Miami Downtown and the Beaches. Normally, one and two bedroom units come with one parking space while a three bedroom may have two. Additional parking may be available at an added cost ranging from $100 to $150 per month.

21) Does real estate agent have a way of knowing if Miami rentals are in foreclosure? Yes, including obtaining other pertinent tax and property information as documented by third party sources.

22) What happens if I rent a property and the owner forecloses on their Miami rental condo? That's a legitimate concern of many individuals wanting to rent. Realtors® have the capability to check on a property's if it is pending foreclosure (lis pendens) or has a tax lien. A homeowner with a tax lien can also be foreclosed in the same manner as an owner who stops paying their mortgage on their house or condo.

Tenants in the past had no recourse when facing an eviction due to previous owner foreclosure and subsequent sale of the property. Under the new "Helping Families Save Their Homes Act of 2009." Section 702 of that Act - the "Protecting Tenants at Foreclosure Act", the rights of tenants are addressed when a property is foreclosed and sold to a new owner.  Please seek the services of an attorney for your specific circumstances.

23) What is the typical lease term?  The most common lease term is annual ( twelve months) .

24) What form of payment is accepted for the advance rents or security deposits? Cashiers check or money order is the accepted form of payment. 

25) Who pays for utilities? It depends on the type of Miami rental property. The written offer and lease should specify who is responsible for maintenance and utilities.  Normally, for  condo rental the tenant pays for electricity, telephone and the landlord pays water, sewer, and garbage disposal. On single family homes, or townhouses, all utilities is tenants responsibility. There are certain developments that include internet and basic cable .

26) How will the advance rent money and security deposits be held? The Landlord has three choices according to Florida Landlord and Tenant Act:

• The Landlord may choose to hold the money in a separate interest-bearing with 75% of the annualized average interest paid by the bank or 5% per year simple interest to be paid to the Tenants;
• Or a non interest bearing account in a Florida banking institution on behalf of the tenant; or
• Landlord can post a surety bond in the manner allowed by law and pay the Tenant 5% interest per year.

27) How do I know where my security deposit or advance rent is being deposited? Florida requires Landlord to 1) notify Tenant in writing within 30 days of receipt of monies  the name and address  of the  Florida  institution were monies are held;2)  the manner in which monies are being held ;and 3)  if monies are held in separate account to the benefit of the Tenant or comingled with the Landlord account.

28) How soon should I receive my deposit money after I move out? Florida requires for tenant’s security deposit to be returned within 15 days after tenant move-out unless the landlord intends to file a claim. Its important to provide the Landlord a written notification of the address where to send your security deposit.

29) Is there a cleaning fee after  move-out? Some Landlords do charge a standard cleaning fee after a tenant move-out. Make sure the amount is disclosed in the lease agreement.

30) Can a Landlord keep all or part my security deposit? Yes, under certain circumstances. A landlord is required to return your security deposit within 15 days after you move out unless he intends makes claim due to damages. If the landlord intends to keep all or part of your security deposit, he must 1) notify you within 30 days; 2) through certified mail; and 3) state the reason for claim. If you don't object, the Landlord is allowed to deduct he amount of the claim and return any balance within 30 days from the date your received the notice.  Please check with an attorney on your rights as a Tenant.

31) Can  a landlord refuse to rent to students? Yes. Landlords can choose not to rent to students. Unfortunately, independence for college students comes at a price for some homeowners and neighborhoods. While we can't classify all college students as irresponsible or disrespectful of people's property, some have made it impossible for other students to find a Miami rental

32) Is there a limit to the number of roommates allowed in a Coral Gables house for rent? Yes. City ordinance limits up to three unrelated individuals to room in the same residence.

33) Am I responsible for the upkeep of the premises and/or appliances? A lease agreement can be oral or written; but only the written form has legal substance in a court of law. Therefore, one of the advantages in using the Florida Realtors® Residential Lease contract is that it clearly specifies the landlord's or tenant's responsibility for the maintenance of premises and appliances.

34) Is there a walk through inspection report conducted at move-in? It is important for a Walk-through Inspection Report to be conducted with all parties involved before move-in. You need to protect yourself financially from having the responsibility for items that were damaged or in non-working order before you move in. The report should also indicate which items are to be fixed, by when or accepted as is.  Take pictures and include them as part of the walk through inspection report signed by you, landlord and agents. This will be a useful tool at move-out when the Landlord makes claim on your security deposit on damages that were present at move-in.