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Miami Real Estate – It May Be Cheaper To Buy Than To Rent
According to Trulia’s Q1 Rent vs Buy Index, Miami is #1 on the Top Ten Cities To Buy vs Rent table. The reason I titled my post “ It May Be Cheaper To Buy Than To Rent” instead of “It Is Cheaper To Buy Than To Rent” is because Trulia arrived at their conclusion by comparing two-bedroom apartments, condominiums and townhomes, currently listed on their website. If you want to find out if you are better off buying or renting, use their rent calculator and fill it in with your own rental costs and home specifications.
Obviously is more to consider than simply the cost when you decide whether to rent or own, but knowing your costs is probably one of the largest factors.
Miami Rentals Still Plentiful, Depending What You Are Looking For
I have had several customers moving to Miami wonder where all the cheap rentals they are reading/hearing about are? There are still plenty of rentals in the downtown Miami area, but that is a generalization. Most renters are looking for a specific type of building, location, price range etc., all of which are limiting factors. One of my clients wanted a 3 bedroom 2 bath and her specifications meant there were only two available rentals.
Here is what is available in the MLS if you are looking in the Brickell/Coconut Grove area for unfurnished condos built since 1990:
- There are 24 three bedroom two (or more) bath units ranging in price from $2,500 up to $8,000
- There are 47 two bedroom two (or more) bath units ranging in price from $1,650 up to $7,500
- There are 67 one bedrooms for rent ranging in price from $1,300 – $5,500
You would be surprised by how much your specifications will either shrink or increase the availability of rentals in the Miami area.
Miami Real Estate – Should You Continue Renting Or Buy A Home?
Many economists are predicting a significant hike in home prices over the next 5 years, so if you are a renter who has been debating on whether or not now is the right time to buy, you may want to take a close look at the numbers. In her article, Ten Cities To Go From Renting To Buying, Francesca Levy states that although renting isn’t always cheaper than buying in the ten cities mentioned in the article, home buyers are likely to get a good return on their investment.
Rental Vacancies Rise, Rents Drop
According to CNNMoney.com the national vacancy rate for rental apartments rose to 8% at the end of 2009 up from 6.7% a year ago. High vacancy rates translate into lower rents, so if you are getting ready to go into a lease or renew your existing one, negotiate the price. Keep in mind that many corporate landlords will not want to decrease the monthly rent because it hurts their books, but they will throw in a free month’s rent or some other benefits/improvements, that will bring your effective rent down.
Coral Gables Rental at Garden Style Building on Gables Waterway
Live close to everything: the Grove, Gables, UM, South Miami and Downtown while being in a quiet building on the Gables Waterway. Nicely updated 1 bedroom 1 bath with a garden view. Large master bedroom and plenty of closet space. 100 Edgewater Dr., #111.
Vacation Rentals Miami – Spend The Winter Summering in Deering Bay
Deering Bay Short-Term Rental
Spend the next 6 months relaxing by the pool, bar-b-queing with friends, or just enjoying the gorgeous views from one of these fully furnished 3 bedroom 3 bath condos.
30 minutes to downtown Miami, 15 minutes to Coconut Grove and downtown Coral Gables, 5 minutes to Pinecrest, the Falls and Dadeland. Unit 604 comes with club and golf privileges for additional monthly charge.
Miami Rentals – Renters Will Benefit From New Law
Before President Obama signed the housing law last week, renters were often found being thrown out of a home when their landlord was foreclosed on. Since Miami is almost ground zero for foreclosures, renters need to be cautious when renting in Miami and inform themselves of the protections that are buried in the new housing law.
- Many homes and condos in Miami are currently listed on the MLS for both rent and sale.
- Some of these are short sales which means the seller owes more money on the mortgage than the property is worth.
- These properties often have owners who are experiencing financial difficulties.
- If you rent one of these properties, the landlord does not have to use your rent to pay the mortgage and, in many cases doesn’t.
- Have your Realtor check the tax rolls to see if there are currently any liens or lis pendens on the property. Although no guarantee that your landlord will not be foreclosed on for the duration of your lease, at least you will know if they are already in the process.
Before the protections in the housing law were put into place, many tenants would find themselves out of a home with little savings to cover moving costs, which are usually first and last month’s rent plus one month’s rent for security deposit. When the landlord is foreclosed on, there is little recourse for the renter to try to collect their deposit and last month’s rent since foreclosure terminates the lease. New protections include:
- Tenants with lease can stay in property for the remainder of the lease and 90 days thereafter.
- Tenants without a lease (month-to-monthers) will have 90 days.
3 Reasons To Rent At 100 Edgewater Dr., #333, Coral Gables, FL
- Location, Location, Location: I only counted this once even though this apartment is 5 minutes to downtown Coral Gables, Coconut Grove, University of Miami, and South Miami; 10 minutes to the University of Miami, Baptist and Mercy Hospitals, downtown Miami, 20 minutes to Key Biscayne and South Beach, Miami International Airport.
- Great layout. There is no wasted space in this condo. Good size living/dining area, large bedroom with walk-in closet and second closet.
- Relaxing. Whether sitting on the balcony overlooking the garden or lounging in the huge pool or deck overlooking the Coral Gables Waterway, you feel like you are miles away from the mainland (even though, as mentioned in #1 above, you are close to everything).
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