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Miami 101: Short Term Condo Rental

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Miami is a top global, national and state vacation and entertainment destination for its year-round weather, beach, art, nightlife, events, cruises and more. Lonely Planet named Miami the number four city on Planet Earth to visit in 2019. Short term condo rental is furnished for $1,800 per month and up on par with unfurnished annual/12-month lease; options are limited and stays less than 30 days regulated for downtown Brickell, Biscayne and the Beach.

Reference below in seeking short term condo rental in Miami.

Market Factors

—“Season” is October through March; prices increase at minimum +20%; ‘snowbirds’ travel from Northeast U.S., Canada and Europe; December is most expensive month with full occupancy due to Art Basel, Christmas and Hanukah holidays, New Year’s Eve

—April has become busy due to Easter and Passover holidays

—Short-term adds +20% to price

—Furnished adds +20% to price

—Condo high-rise building associations and communities generally require minimum 3 months/90 days, there are a select few buildings available for minimum 30 days

—Single family homes and stay less than 30 days book direct via Airbnb or VRBO

Fees

—Most owners request paid in full at signing of contract for stay 3 months or less 

—Security deposit equal to 1 month may be required by owner at signing of contract held in escrow (refundable)

—Security deposit equal to 1 month or less may be required by association (refundable)

—Application, criminal background check, fob(s) etc. fees may be required by association (non-refundable)

—Fees for professional cleaning at move-out, criminal background check, cable/wifi, electricity etc. may be required by owner (non-refundable)

—Showings generally are not done for stays, and if so, only for stay minimum 3 months/90 days or more

—Broker may require additional fee paid by tenant(s)


 

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