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Looking to start my first lease in Miami as I just moved here. I am shocked what appears to be so many scams. Not only that, the behavior of some of the agents has me surprised. Wondering if it's a norm here.
There was one listing in Miami Beach that was listed for $1,700. I reached out to the realtor to schedule a tour, and he then told me it's $2,300. So I then sent him a link saying that they were advertising as it as $1,700, and if it's not true then I am going to report the ad. He told me "it's called supply and demand, it used to be $1,700 but now is $2,300, learn something, but I understand you can't afford it...."
I actually laughed at that response. I have never. While I can't say I enjoy dealing with people like that, it is an entertaining change from the organized, honest Midwest where I just moved from lol.
Curious if this is quite normal here. On the other hand, there have been some great agents that I have worked with thus far. It's just the bad ones, man they are bad and shady.
Absolutely.
I went through about 30 or more scams before finding a place, and I was searching for somewhere between the Airport and FIU which is not a heavily desired location.
This is probably why these pay to search home listings have been popping up everywhere (that dont have real ads or just dress up Zillow or Apartments.com listings. that You'll also find postings that say Miami (insert your desired location here) , and the rental will be somewhere in Homestead, Hollywood, or Ft. Lauderdale. I guess the idea is to snag someone from out of town who are hunting on a limited time frame and running out of time.
I know it sucks, you just got to keep searching. Maybe stopping by the area and talking to people,that's how I found my place.
Absolutely.
I went through about 30 or more scams before finding a place, and I was searching for somewhere between the Airport and FIU which is not a heavily desired location.
This is probably why these pay to search home listings have been popping up everywhere (that dont have real ads or just dress up Zillow or Apartments.com listings. that You'll also find postings that say Miami (insert your desired location here) , and the rental will be somewhere in Homestead, Hollywood, or Ft. Lauderdale. I guess the idea is to snag someone from out of town who are hunting on a limited time frame and running out of time.
I know it sucks, you just got to keep searching. Maybe stopping by the area and talking to people,that's how I found my place.
I think I am doing a good job of weeding out which ones are scams. I am starting to look at some of those bigger developments, like the ones you see in Brickell, Midtown, etc., which are legit.
Also, it's interesting because I will see a great unit, that is for like $1600, fully updated, in Miami Beach, blocks from the ocean, minimal deposit required, yet it has been on the market for 140+ days. When I see things like that, that tells me something is wrong.
There was another one where the it was a condo, and they were asking for three months worth of rent + two security deposits, each equivalent to one month's worth of rent, and $750 for HOA fees. So I was like you have to pay close to $8k upfront just to secure a apartment that is $1700 per month?! I would just buy a property at that rate. Lol.
There was another one where the it was a condo, and they were asking for three months worth of rent + two security deposits, each equivalent to one month's worth of rent, and $750 for HOA fees. So I was like you have to pay close to $8k upfront just to secure a apartment that is $1700 per month?! I would just buy a property at that rate. Lol.
As the resident realtor here, I'll chime in - (We've discussed this in the past but its been a few years so it'll be good to update it for our new lurkers)
Plenty of posts touting the need for a real estate agent in Miami. You're trying to rent a place directly from a Realtor that has no interest in helping you. That's how Miami is. Most don't care about getting the 'full commission'. They'd rather get half and do as least as possible. So you're pretty much forced to use a rental agent (realtor) to help you. It doesn't cost you anything and the agent runs a big risk hoping you because: A. they hope you rent something and B. use them when doing so.
Which creates the 'I don't trust this guy yet' relationship which causes them not to work extra hard to find you something. Sad but true. When I built my career doing rentals, I had a system in place to do so. Needs analysis, meet in person (or face time), explain the 'don't cheat on me with another agent' thing, explain I can help you with apartments (so they don't go with out you), and show them several apartments. If an offer wasn't made, we regroup to find out why. After the 2nd go around, its basically S**t or get off the pot time.
Regarding the places you are calling - 3 months is standard move in, some buildings will be 4 months because the HOA wants their own deposit (usually half month or a full month) plus you have the building move in fees and app fees. So for a $1700 place, you'll need probably $6000-$7000 to move in. (1 month upfront, the rest at move in/key exchange). I can't speak to your specific place you're calling, so there could be some wrong information.
If you think you can buy a property for $8k, you are sadly mistaken. Avg sales price in Dade county hovers around $330k-$340k. Most mortgages require 5% down, plus you'll have another 4.5-5% in closing costs. So you're looking at $30k to buy a home - and that's IF you can find one. Condos are another animal and most won't allow 5% down because the HOA is a mess or doesn't budget enough reserves or won't go through the FHA certification, etc. etc .
Now let's discuss 'scams' - There is false advertising and then flat out scams. Miami has plenty of both. False advertising is showing you a cheaper rent to get your attention or showing you a place that is 'rented' but then saying 'I have others that are similar to show you' as a way for the agent to get you as a 'client/lead'. Sad but true again. Then you have scams - place doesn't exist at all, please wire the funds to secure your apartment, I can't meet you but someone else will later so here's the lockbox code, etc. Those need to be reported honestly, so we protect our fellow humans.
Regarding your budget - $1600 won't get you a place in Brickell, will get you a small loft type place in Downtown Miami, a small place in Edgewater in a relatively new building, and lots of options in Miami Beach. Keep in mind that 'South Beach' ends around 23rd street and 'Miami Beach' could be something on 45th, 69th, etc. Further north you go, the cheaper it gets until you get to Bal Harbour and Sunny Isles, then prices sky rocket. Keep in mind that many places in Miami Beach might not have a washer /dryer in the unit, won't allow pets, won't offer parking, and have a slow HOA approval process.
And never submit your application to the HOA WITHOUT a signed lease from the landlord first!
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
7,410 posts, read 6,553,115 times
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The rental process is unique here in Miami compared to other major cities I have lived in. Definitely get yourself a professional realtor to assist in your search, does not cost you anything.
Miami is a hot market now, so would not surprise me if prices go up since the initial posting...heck, even happens with units for sale. Unit at a very desirable and newer Brickell building sat on the market, unsold, at $790 and the owner just increased his asking price to $970. Doesn’t mean he will get his new, higher price (or close to it) but perhaps in some desperate buyer’s mind this increase might get them to fork over more money than the property otherwise would have gotten at the lower price.
Welcome to Miami. Life is like a lease, negotiate well (or, in this case, let a realtor do it for you—besides current market conditions they will/should know property history, quirks of the building, and the neighborhood.).
Last edited by elchevere; 02-06-2021 at 10:24 AM..
As the resident realtor here, I'll chime in - (We've discussed this in the past but its been a few years so it'll be good to update it for our new lurkers)
Plenty of posts touting the need for a real estate agent in Miami. You're trying to rent a place directly from a Realtor that has no interest in helping you. That's how Miami is. Most don't care about getting the 'full commission'. They'd rather get half and do as least as possible. So you're pretty much forced to use a rental agent (realtor) to help you. It doesn't cost you anything and the agent runs a big risk hoping you because: A. they hope you rent something and B. use them when doing so.
Which creates the 'I don't trust this guy yet' relationship which causes them not to work extra hard to find you something. Sad but true. When I built my career doing rentals, I had a system in place to do so. Needs analysis, meet in person (or face time), explain the 'don't cheat on me with another agent' thing, explain I can help you with apartments (so they don't go with out you), and show them several apartments. If an offer wasn't made, we regroup to find out why. After the 2nd go around, its basically S**t or get off the pot time.
Regarding the places you are calling - 3 months is standard move in, some buildings will be 4 months because the HOA wants their own deposit (usually half month or a full month) plus you have the building move in fees and app fees. So for a $1700 place, you'll need probably $6000-$7000 to move in. (1 month upfront, the rest at move in/key exchange). I can't speak to your specific place you're calling, so there could be some wrong information.
If you think you can buy a property for $8k, you are sadly mistaken. Avg sales price in Dade county hovers around $330k-$340k. Most mortgages require 5% down, plus you'll have another 4.5-5% in closing costs. So you're looking at $30k to buy a home - and that's IF you can find one. Condos are another animal and most won't allow 5% down because the HOA is a mess or doesn't budget enough reserves or won't go through the FHA certification, etc. etc .
Now let's discuss 'scams' - There is false advertising and then flat out scams. Miami has plenty of both. False advertising is showing you a cheaper rent to get your attention or showing you a place that is 'rented' but then saying 'I have others that are similar to show you' as a way for the agent to get you as a 'client/lead'. Sad but true again. Then you have scams - place doesn't exist at all, please wire the funds to secure your apartment, I can't meet you but someone else will later so here's the lockbox code, etc. Those need to be reported honestly, so we protect our fellow humans.
Regarding your budget - $1600 won't get you a place in Brickell, will get you a small loft type place in Downtown Miami, a small place in Edgewater in a relatively new building, and lots of options in Miami Beach. Keep in mind that 'South Beach' ends around 23rd street and 'Miami Beach' could be something on 45th, 69th, etc. Further north you go, the cheaper it gets until you get to Bal Harbour and Sunny Isles, then prices sky rocket. Keep in mind that many places in Miami Beach might not have a washer /dryer in the unit, won't allow pets, won't offer parking, and have a slow HOA approval process.
And never submit your application to the HOA WITHOUT a signed lease from the landlord first!
Good luck!
This is great information! Thank you so much for the information.
And my budget is actually $1600-$2100. I am just trying to see where each rate takes me.
The rental process is unique here in Miami compared to other major cities I have lived in. Definitely get yourself a professional realtor to assist in your search, does not cost you anything.
Miami is a hot market now, so would not surprise me if prices go up since the initial posting...heck, even happens with units for sale. Unit at a very desirable and newer Brickell building sat on the market, unsold, at $790 and the owner just increased his asking price to $970. Doesn’t mean he will get his new, higher price (or close to it) but perhaps in some desperate buyer’s mind this increase might get them to fork over more money than the property otherwise would have gotten at the lower price.
Welcome to Miami. Life is like a lease, negotiate well (or, in this case, let a realtor do it for you—besides current market conditions they will/should know property history, quirks of the building, and the neighborhood.).
But there is so much inventory. I've been lookin for a few months now, and I haven't noticed too many changes in downtown/Brickell/Midtown, but Miami Beach I have seen a sharp decline in inventory, mostly due to places being rented out real quick.
I saw the ParkLine today in downtown, only 5% occupied. Then I saw the Adela, and they are at about 10% occupancy.
And my budget is actually $1600-$2100. I am just trying to see where each rate takes me.
That's a huge difference. Basically that's either living in Brickell or not. Living in midtown or not. (unless you got a small studio at SLS or Midtown2).
Keep in mind for private condos, you get your water/sewer/trash paid and some times your cable and internet too (especially in Brickell). IF you go to a 'rental' building (i.e. a high rise apartment complex), you will get nickel & dimed and pay for parking, pet rent (if you have one), water, 'amenity' fee, etc. It adds up quick so the sticker price 'gets' you in the door and then the final price jacks it up more than a private condo. But usually its just 1 month to move in plus a $300 or $500 admin/move in fee vs 1st/last/security for a condo (But that's like a savings account to be used on future rent).
..or they are actually serious about qualifying renters and particular about who they will rent to
Lol, you seriously think this?
If someone is that damn picky in a hot rental market, they might as well sell the place, because if they cannot find a renter that suits them after 140 days, they are mental cases that set impossible to meet standards.
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