UPDATED: 4/5/22
The Miami rental market continues to remain strong.
Miami rental market
According to Realtor.com, rent has increased by 50% in South Florida
compared to last year. This leads the nation and median rent is now $2,800
a month. Prices are being driven up by people moving from the northeast and
California
What does this mean?
It is a strong Miami rental market and it affects prices depending on the
demand in a given area. Landlords can expect good returns on their rental
property investment. Tenants can expect strong competition from other
renters in densely populated areas such as Brickel and Downtown as well as
the outlying suburbs like Doral, Kendall and South Dade. Having good tenant
qualifying factors such as rental history, credit, background, and
employment are as important as ever as landlords may have the ability to
choose between several prospective tenants. Landlords should have an
effective screening process in place that is in line with fair housing laws.
The increase in rental rates is a welcome factor for many landlords as
expenses associated with owning rental property have also increased due to
rising gas and maintenance costs, although not nearly at the same pace as
rent.
Why is this important?
The numbers indicate a strong Miami rental market. This affects both
landlords and tenants. Whether you’re a rental homeowner or a tenant
getting ready to move, it’s important to know how changes in the market may
impact you.
Contact us for more info about the Miami rental market and how we can help you.
Pedro Cedeño, Lic. Real Estate Agent, Real Property Management Dade – Miami, FL | My team and I are here to make it easy and profitable to own rental property in Miami by focusing on the people and not just the buildings. We love to see the positive effect good rental practices have on people. Sharing the knowledge we’ve gained over the years with current and aspiring landlords is part of our mission.