The Miami Beach Luxury Rental market is hot and in high demand. Of course in all of my references to Miami Beach rentals it’s important to remember that I am referring to the year long rental not, not the short term vacation rentals.
If you are interested in renting a luxury rental property in Miami Beach, Brickell or Downtown Miami once you find a property you love, you need to be ready to move quickly. The market here is currently pretty competitive and you need to be prepared to act fast or it’s a big possibility that you will loose the unit.
1. Be ready to place three deposits (first, last & security) in the amount of one month’s rent. Some buildings also ask for a common area deposit so you may need even a little more.
2. Most owners and buildings don’t take personal checks so you will need to either wire funds to an escrow account or get cashier checks from the bank.
3. Be no more than one month away from the start date and in the best case scenario no sooner than 7 to 14 days from needing the space. Most owners will not hold a unit for more than a month out and most buildings take 7 to 14 business days to process the application. So timing is everything.
4. If you have pets, be sure that both the owner and the building allow pets. Both must allow and approve of your pet in order to have a pet in the unit.
5. Parking. Most Miami Beach luxury condos come with only 1 assigned parking space (& yes that goes for two and three bedrooms too) so if you need extra parking it’s going to be a case by case situation in terms of how the building handles extra parking. Some have parking you can purchase on a monthly basis, others may have a wait list for this while others may have nothing extra at all. Always double check.
6. Once you find a unit you like, find out how much it rented for in the past or how much similar units are renting for and make an offer based on these numbers. Most owners and their agents price according to the market so as long as the offer makes sense, you can probably negotiate a little bit.
7. Use an agent who is familiar with the rental with the inventory so that you spend time looking at only the best of the best within your budget.
8. Use an agent who is familiar with the rental process so that the process is a seamless and easy transaction. There are a lot of steps and detailed intricacies in the rental process so it’s good to work with an experienced agent.
9. Look online first and then take it to the streets. Have your agent send you listings online and then pick the best of the best from what’s still available.
10. Last but not least, location and building is everything in Miami Beach. Find a great place to call home and make sure that the building’s energy syncs with yours… buildings are like mini cities so it’s important to make sure you are comfortable and feel a good vibe from a place that you will soon call home.
Copyright © By Jamey Prezzi 2011 * All Rights Reserved* The Secret to Finding an Awesome Miami Beach Luxury Rental