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.
Miami 101: Four P's of Condo Rental
Miami is among the most expensive cities for rental along with an involved process to live in a condo. It’s best to find a licensed, reputable real estate agent or broker you have rapport with to assist. They provide value in guiding you through the process, recommending areas, and are knowledgeable of building unit layouts/views/features, amenities and, importantly, general overview of condo association policies. Additionally, it’s best to secure an agent to represent your tenant interests as well as its advantageous because the owner pays both agent commissions. Be advised condo move-in is not fast, it happens within, and can take up to 1 month vs. apartments accommodate immediate move-in within 1 - 3 days. Begin working with a realtor 45 - 60 days out or sooner to understand your criteria, move timing, market factors such as season or occupancy levels, and budget.