Comments on: Renters Market?

By: Xavier Zayas-Bazan

Xavier Zayas-Bazan — Fri, 06 Jul 2007 20:59:35 +0000

IWG,
More efficient maintenance is usually true of condos. Unless the owner lives in Jersey, or it’s the Association’s responsibility to fix.

Dave,
That’s a great point. Some may switch to office. Great blog concept you got going. I’ve added you to my blogroll. Look forward to seeing it evolve.

By: Dave

Dave — Fri, 06 Jul 2007 17:59:58 +0000

I would say “follow the cranes”. Some of the yet unfinished buildings, originally intended to be sold, will have to become rental properties. These guys will be the most desperate right now and willing to rent at attractive rents. Or better yet, do a lease with option to buy on one of these properties as another person mentioned here.

By: lwg

lwg — Fri, 06 Jul 2007 17:27:54 +0000

Not only are condo unit owners more willing to negotiate rents with versus apartment complexes, they’re also more interested in maintenance and making repairs to the place.

By: Xavier Zayas-Bazan

Xavier Zayas-Bazan — Wed, 04 Jul 2007 17:03:45 +0000

Good points. when dealing with an apartment complex, negotiating lease terms is definitely more difficult than with an individual condo owner.
However, condo associations have an aversion to rentals, because the higher the lease rate in a community the lower the chances are to procure association loans. through a quality of life standpoint, renters are often associated with unruly and often destructive behavior in they eyes of owners. So, the association can place caps on rentals, force deposits, and aggressively impose rules and regs on owners with problematic tenants.
Most associations have tight restrictions on transient occupancy, but there are quite a few exceptions depending on the declaration of condominium and the policy a board of directors adopts. The company has to have an agreement with the association. Bentley on the Bay and Icon are two examples of associations that allow it. Miamihabitat.com and premiervacationrentals.com offer more info.
The residential market is hurting right now, but things will smooth over once buildings get topped off and occupancy settles the dust. A pick up ion the office market will help propel the recovery. Great feedback LBS!

By: latinbombshell

latinbombshell — Wed, 04 Jul 2007 16:35:42 +0000

It’s also important to keep in mind that rental corporations will raise rent every year at their discretion; worse yet you are tied down to a corporate contract. I’ve been renting for years in Miami and would much rather do so from an individual condo owner where it’s easier to negotiate.

I have a friend who used to live at Mirador (previously Morton Towers) on South Beach and it was crazy how they raised the rent on her studio every year; then again, it was like living in an oversized shopping mall. Convenient, but you pay the price.

Try mid-beach, but avoid waterfront. Rent fees here are very reasonable and you get more bang for your buck. Also, transient rentals are supposedly illegal unless the building is coded for such residential purposes … Xavier, do you have more info on that?

As far as the market goes, I’m just going to say that my father works for a major architectural firm in Miami (he’s an architect) and it is so dead right now, it’s really not funny. Buildings are not being completed. Firms are starting to speculate away from Miami. They are all sitting around twiddling their thumbs, even the autocad guys.