Openings in 2018 introduced a new approach for Miami apartment rentals challenging condo offerings by expediting move-in date, requiring less move-in dollars, providing direct access to unit inventory, floor plans and prices, then in turn making services of a tenant agent optional and removing the listing agent along with having no Association restricted showing and move-in dates/times. The three key differentiators of rental apartment buildings vs. condo towers are: (1) rental apartments are developed and managed by multifamily real estate firms whereas condos are residences with individual owners that form an Association to manage common interests and hire a property management firm to maintain premises (2) rental apartments do not require an additional security deposit for common areas as they do not have an Association (3) rental apartments application process is fully digital, simplified and fast plus a tour is easy to schedule, efficient tour of all applicable model units within budget and availability.
Side-by-Side Comparison
Note: Rental prices, availability, fee rates, deposits and promotions are subject to change and vary by apartment building and condo individual owner. Lease terms and resident regulations apply.
Overall, rental apartment buildings are not always less expensive than a condo as additional fees are invoiced monthly that are otherwise included in condo rent price. Also, more Associations are requiring condo independent owners to keep a security deposit on file releasing tenant of this cost.
Tenant Agent
Agent representing tenant(s) work with clients exclusively and may require an upfront non-refundable fee paid by tenant(s); apartment building or individual owner pays agent commissions. Agent only receives compensation 30 days after tenant move-in for apartment building or at transaction close walk thru (i.e. the day tenant(s) receive(s) keys) for condo, therefore it is imperative to please commit to only your agent for this process show both in leveraging their knowledge to meet budget and preference.
Broker may require additional fee paid by tenant(s).
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