Beware Miami and Miami Beach Renters! There is an ugly beast in town and his name is, ” No inventory & bidding wars!”

Unbelievable.  Gone are the days of Miami and Miami Beach renters looking at tons of inventory, having their pick and then negotiating the price down.  I just got a call from the listing agent denying my poor rental client’s third offer.  So far, he has been outbid three times and he is making full priced offers with a promise to start the lease asap.

Welcome to the New Miami-Miami Beach Rental Market of the summer of 2011
AKA no inventory & bidding wars!

This ugly beast has been in hibernation over the past six months as prices have been slowly creeping up, now the inventory is at an all time low.   Over the past week I have had three different clients make offers on properties,  all of them to outbid by another renter.  So now I am sitting here thinking of new strategies to get our rental customers’ offers accepted.

  1. Better cover letter with references?
  2. Full laminated credit report with offer and some Ginsu knives?
  3. Higher offer price per month than what’s listed? (are we really at that point?)
  4. A video of nice little song and dance?
  5. A leather bound book of past references and lovers too?

Who knows, I am going to throw everything at them to get my clients’ offers accepted.  I guess this is the new norm.  Oy Vey!

I think my rental clients in the higher end luxury price points are still okay for just this second but those who have tight budgets, it’s war out there.  Get ready and be prepared to make several offers before securing a unit.

Copyright © By Jamey Prezzi 2011 * All Rights Reserved*Beware Miami and Miami Beach Renters! There is an ugly beast in town and his name is, ” No inventory & bidding wars!”



About Jamey Prezzi

Jamey Prezzi serves the residential real estate market from the South of Miami to parts of Broward and all neighborhoods in between. She works in collaboration with her husband, Ognjen Prezzi at ONE Sotheby's International Realty. Recognized as Top Producers over the last 13 years, they are committed to their customers as well as their local real estate community. Jamey is originally from South Carolina and Virginia. She resides in Miami Beach with Ognjen and their son.

Renting Real Estate in Miami

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