The first fundamental aspect when renting an apartment in Miami is the temporality of residential rentals in Miami. The minimum duration is set by the Condominium Association (community of neighbors) and is usually one year, although in some cases shorter leases of 3 or 6 months are accepted. Although rents below three months are not legally allowed, some condominium associations do incorporate this option into their statutes, although prices are much higher.
The procedure of renting a house or apartment (apartment) in Florida is a power of the Realtor, since all official Realtors must be registered with the National Association of Realtors’. Its intermediary role is to provide advice and support throughout the search and processing process. In addition to the Realtor, there is an exception, the buildings called ‘Rentals’, which are those in which 100% of the apartments are intended for rent. In the latter case, all the formalities are carried out directly with the rental office of the building.
As for the obligations of the tenant (tenant), also regulated the upfront payments you must assume when entering to live. They are usually the following: the first month, the last month and a deposit to the owner equivalent to an allowance. Sometimes the community itself may require an additional deposit of one month to cover damage to common areas. In sum, the tenant must pay between 3 and 4 monthly payments in advance. All these payments are recorded in the lease. If no damage has been done to the condo or to the common areas, both deposits are returned to the tenant within 30 days. A unique aspect of the rental real estate market in Miami is that the ‘Condominium Association’ (urbanization) may require an interview with the new tenant, implying that he reserves the right of admission.
Once you have the rental agreement, you must determine which repairs are borne by the tenant and which are borne by the landlord. Normally, anything that breaks and is worth less than $250 is paid by the tenant. Renting an apartment in Miami is not an easy process. Therefore, we advise you to have an experienced Realtor and make the whole process a simple process for the future tenant.
If you have any questions about what your property may be worth contact the professionals at Homeinc. We are here to help you with all your real estate needs. Call or text the team today 1-888-850-2636.