If I purchase a condo in a newer building in downtown Miamii.. Will I have trouble finding a renter? And what

Asked by Steve, Miami, FL Tue Sep 30, 2008

is the average rental rate?

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23
Laura Graves, Agent, Miami, FL
Tue Sep 30, 2008
BEST ANSWER
Hi Steve,

Are you talking about the "old" sections of downtown Miami? IE: Near Bayside? Or are you talking about Brickell. I would say that Brickell is a lot more stable in terms of finding good opportunities and being able to command higher rental rates. There are some AMAZING deals right now on Brickell. It's all about location, location, location and the amenities the community has to offer. Stick with Brickell.

Best of luck to you!
Laura Graves
Real Estate Pro
Miami, FL
0 votes
Stevens & Ma…, Agent, Centerville, MA
Mon Sep 17, 2012
Great response! How is your market in Maimi?
5 votes
Miami is hot!!
Flag Tue Oct 23, 2012
Have not been to Miami in years.
Flag Sat Oct 20, 2012
The cape cod market is booming! Take advangate of the interest rates & prices! Now is the time to buy!! Call us and we guide you through the process!!
Flag Wed Oct 17, 2012
I would find an experience Miami broker
Flag Sun Oct 14, 2012
I would confer with my agent
Flag Thu Oct 11, 2012
Thanks
Flag Mon Sep 17, 2012
Jolie Lindho…, , 33460
Tue Sep 30, 2008
Steve,

Good morning!

Please contact me directly to discuss this further: jolie@redreefrealty.com.

The rental market is very hot right now as people are opting for a lease rather than a purchase in the current economy. We are a family business and are very familiar with Downtown Miami: http://www.redreefrealty.com.

I look forward to helping you!

Thanks,

Jolie Lindholm
Red Reef Realty Inc.
http://www.redreefrealty.com
http://jolielindholm1.point2agent.com
AIM: Redipad2
SKYPE: Jolie.Lindholm
1 vote
No.

Close Thread!
Flag Thu Apr 18, 2013
David Siddons…, Agent, Miami, FL
Tue Jun 3, 2014
Dear Steve,

In which building did you buy. It always depends on the quality of the unit and the price you are asking. Normally when a good quality unit is priced at market value you wont have any issues renting it out. For more insights into Miami Real Estate check my Investors Guide to Miami Real Estate: http://luxlifemiamiblog.com/invest-in-Miami

Regards

David Siddons
305 508 0899
0 votes
Stephanie Le…, Agent, Miami Lakes, FL
Sat May 31, 2014
Finding a renter should be no problem. As the rental market in that area is strong. As for the average rental rate it will depend on how many bedrooms/baths and what building it is in.

Feel free to contact me for a complete report for rentals in Downtown Miami.
0 votes
Peter Mlaguzi, Agent, Boston, MA
Thu May 29, 2014
You shouldn't have any issues. The rental market is strong. If you have further questions, please contact me at 617-233-1476. Thanks.
0 votes
Samantha Ten…, Agent, Boca Raton, FL
Tue Feb 4, 2014
Hi Steve,

The rental market is very strong right now . If your unit is priced fair to market value and is updated you will have no problem renting out your unit . If you have any questions feel free to contact me anytime .

Regards,

Samantha Tenzer Friedman
Tenzer Realty
Cell 786-314-6100
Email: SamanthaTenzer@yahoo.com
Website: http://www.tenzersellshomes.com
0 votes
, ,
Sat Feb 1, 2014
It all depends on the Supply and Demand. You should have a realtor to review the market's particulars, instead of guessing. It will serve you better.

I can only help you in the financing part.

Marco
0 votes
Olga Monson, Agent, Miami, FL
Wed Jan 15, 2014
Steve,

Downtown Miami is the hottest rental market in town. You will find a tenant in less than a month if you price it reasonably. Check HOA fees and insurance requirements to make sure you it makes sense from investor's standpoint.

Best regards,
Olga Monson
Decorus Realty
Direct Cellular:(954) 512 3044
http://www.OlgaMonson.com
http://www.OlgaMonson.ru
0 votes
Irina Karan, Agent, Aventura, FL
Sun Dec 8, 2013
If the price, interior condition and the views are good, it's going to be easy to rent.
Many people want to live in downtown area. Other popular areas are Midtown, Edgewater, Design District and Brickell.

The rental rate depends on the building.

Once you have a particular building or buildings in mind, we'll be happy to provide rental comps for you.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes
Maria A Ball…, Agent, Miami, FL
Sat Dec 7, 2013
Hi, Steve! Real Estate in that area is moving fast. The average days in the market for a rental has been coming down. Depending on the building, there were cases that the property was in the market for less than a week!
Prices vary but you may always feel free to contact me and/or check out my website http://www.SellBuyRentBrickell.com

Thank you and kindest regards.

Maria A Ballestrin
305-283-5912
Elite Miami Realty
alejandra@elitemiamirealty.com
0 votes
Laura Graves, Agent, Miami, FL
Fri Dec 6, 2013
Hi Steve,

Miami's rental market is very very strong right now, especially in the Brickell area. However, there are a number of factors involved in determining what you can rent you unit out for. How many bedrooms, baths, does it have parking? If it's a 2br or larger is there parking for each bedroom? I will be happy to answer specifics but I need more information from you. Let me know if you would like more information.

Cheers,
laura graves
0 votes
Luiz Cunha, Agent, Miami, FL
Fri Dec 6, 2013
If you meant downtown as the financial district: Brickell, I am a Brickell specialist and both the bayside part of downtown and Brickell if they are relatively new buildings are fantastic for a return on your investment for rental. I do not forsee many problems at all finding a renter.

Luiz Cunha
305.646.8844
Douglas Elliman
Real Estate Agent
Luiz.cunha@elliman.com
0 votes
Luiz Cunha, Agent, Miami, FL
Fri Dec 6, 2013
Buildings that you may be referring to : 900 Biscayne, 50 Biscayne, Viscayne, The Marquis Downtown Miami, 10 Museum Park, and the newly pre-construction building by Zaha Hadid the amazing 1,000 Museum Park.

Any questions referring to new buildings or the best in downtown regarding buying to rent as an investment or whatever questions may arise regarding how much the rental may be depending on the number of bedrooms and the line,

Please do not hesitate to contact me,

Luiz Cunha
305.646.8844
Douglas Elliman
Real Estate Agent
Luiz.cunha@elliman.com
0 votes
, ,
Tue Sep 3, 2013
Hi Hope your doing well! Take a look on my new website as it has up to date re sales as well as all the new developments in Miami. The site is http://www.exquisitemiamiproperties,com.

Let me know what I can do to help you.

Thank you,

William Henderson
0 votes
Edge Asset, Other Pro, Miami, FL
Thu Dec 8, 2011
Hi Steve, we purchase and manage many properties in downtown and brickell for our clients. Our average time to find a renter is under two weeks. Renting here is great provided you have the right people working for you.

Please let me know if we can be of help.

You can reach me at 305-771-1818 ext 101
-Oriah
0 votes
Nice reply. How is your market in Miami?
Flag Mon Sep 17, 2012
Tony Rodrigu…, Agent, Coconut Grove, FL
Tue Mar 8, 2011
Finding a renter now days shouldn't be hard at all. The rental market is hot at the moment, rental prices are up and renters are all over. Be sure to do a background check and a credit check. I would be happy to help you if needed. trodife@yahoo.com or 786-488-6657

Regards,
Tony Rodriguez
0 votes
Ian A. North, , Miami Beach, FL
Sat Jul 4, 2009
Hello Steve: Great time to rent, their is a lot of activity in downtown miami. Find yourself a good agent in the area, price it rigth and you will have a tenent in no time. Get in touch if you need any help
Ian A. North
Realtor, CDPE
305 467 1881
iannorth@kw.com
0 votes
Arlyz Morales, Home Buyer, Miami, FL
Fri Oct 17, 2008
Hello Steve,

I will say that the average price for a 1 bedroom rental is $1350, Two bed is $1850 and Three bed $2,200. If you can buy a property and set your rent price under these numbers you will find a quick tenant.

Don't hesitate to conatact me if you have further questions

Regards,

Arlyz Morales
Web Reference:  http://www.dpropertyshop.com
0 votes
Bryan Sereny,…, Agent, Miami Beach, FL
Sat Oct 4, 2008
Steve,

As everyone has illustrated, renting will not be difficult provided you price is in-line with the market. More importantly, I would like to point out that if you are financing the majority of this purchase, the rental income is not likely to cover your mortgage, maintenance, and taxes.

Best of luck!
Web Reference:  http://www.bryansereny.com
0 votes
Erica Muller, Agent, Winter Garden, FL
Tue Sep 30, 2008
Steve,

You may want to consider setting it up as a short term rental. Miami is a hot location for that. It's a great way to offset your expense however you will not ash flow unless you pay all cash for the property. Best of luck!

Erica Muller
0 votes
Mott Marvin…, Agent, Sunny Isles Beach, FL
Tue Sep 30, 2008
The rental market is very brisk, still. You should have no problem renting a nice apartment anywhere in Greater Miami. People are moving to Miami everyday and apartments are in demand.

The major criteria is PRICE, LOCATION & QUALITY.

At the right price we can have it rented within a week or so.

There is a demand, BUT supply is very high too.

The link below, will take you to the Search page for rentals. I can provide a specific pinpoint search to better determine the price and availibility for you.

Best of Luck!
0 votes
Manon Mohamm…, Agent, Coral Gables, FL
Tue Sep 30, 2008
Hi Steve,
Thank you for your question. I will try to answer it.
There is a lot of rental activity going on right now, however, since there is so much on the market, prices have come down as well. Think about it, many investors that cannot sell without a loss, as well as "normal people" are putting their units up for rent.
Regarding price, there is not set dollar amount per square foot. If you tell me the number of bedrooms, square footage, name of builidng, view (ocean vs city), size of balcony , number of parking space..... I can give you a pretty good idea of the monthly rent.
My name is Manon and I am a Broker Associate with Coldwell Banker in Coral Gables. Please do not hestitate to contact me if I can be of assistance.
Have a great Tuesday,
Manon
0 votes
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