Apartment Hunting (Miami: real estate market, apartments, renters)

[esterling]

Hello here for work for 12 months. Trying to find a 2 to 3 bedroom in miami beach. Everything is first , last , and security. Do you know of anything without a substantial move in fee? I'm used to paying first month and application fee.

[hurricaneMan1992]

Some of the managed complexes like South Gate and the Flamingo may offer lower move-in if you have good credit, but even that is still going to be more than just first + application. Apart from managed rental complexes, First+security+app. is about the best you'll find, and most of those will be in the suburbs not in town.

[bale002]

Originally Posted by esterling

Hello here for work for 12 months. Trying to find a 2 to 3 bedroom in miami beach. Everything is first , last , and security. Do you know of anything without a substantial move in fee? I'm used to paying first month and application fee.

I have a rental, and I would not rent to anyone who cannot come up with first, last, and security up-front. In fact, that's the only non-negotiable point; I'd rather collect less in monthly rent than compromise on credit worthiness.

Many others in Miami, and elsewhere in southern Florida, have the same policy. And there's a reason for it.

[doggiebus]

Originally Posted by bale002

I have a rental, and I would not rent to anyone who cannot come up with first, last, and security up-front. In fact, that's the only non-negotiable point; I'd rather collect less in monthly rent than compromise on credit worthiness.

Smart. A friend just had a tenant move out, they trashed the place. I haven't asked her yet if she collected first, last and security.

[Travelassie]

Originally Posted by doggiebus

Smart. A friend just had a tenant move out, they trashed the place. I haven't asked her yet if she collected first, last and security.

Makes me wonder if it's easier to let a realtor handle rentals- at least from the point of view of the owner of the apartments. I know it's more expensive to do it that way, but I'd guess the realtor would handle the screening process of potential renters, and might be more likely to come up with renters who'd be good tenants than an individual- just speculating here. In reality, who knows? I can see why an owner would want that first, last, security deposit, and also background checks, credit and employment history for a potential tenant.

One of our neighbors in Miami rented her house one time to a couple of young guys, who ended up trashing the place, not paying their rent and eventually had to be evicted. She was out thousands of dollars repairing the house, and she was very reluctant to rent the house after that. I can't blame her. But she did rent the house again a couple years later, to a family who were good tenants and took care of the place, and were good neighbors as well. But they didn't stay there long, they bought another house in the area and moved.

She didn't rent the house again after that. She told me she was afraid to do so.

[doggiebus]

My friend is in a similar spot at the moment. She's not sure if she wants to rent the place out again or just sell it.

[bale002]

Originally Posted by doggiebus

My friend is in a similar spot at the moment. She's not sure if she wants to rent the place out again or just sell it.

My policy tends to be that if you don't plan to live in it, do not rent it, but sell it.

In my view, it is better to participate in real estate markets through REITs, leaving the management headaches to professionals, having access to much greater diversity, and enjoying the same or greater levels of income and gain. Nonetheless, the potential opportunity cost is that certain Miami neighborhoods may record higher than average gains during frothy times.

Still, I maintain one rental unit because one or more of my children may wish to use it one day, and/or may I move back into it in my waning years if I wish to downsize. So it's personal. Otherwise I would sell it to avoid the possible pitfalls of residential renting. But so far, so good.

[StarfishKey]

Originally Posted by Travelassie

Makes me wonder if it's easier to let a realtor handle rentals- at least from the point of view of the owner of the apartments. I know it's more expensive to do it that way, but I'd guess the realtor would handle the screening process of potential renters, and might be more likely to come up with renters who'd be good tenants than an individual- just speculating here. In reality, who knows? I can see why an owner would want that first, last, security deposit, and also background checks, credit and employment history for a potential tenant.

I have been a landlord, and an absentee one at that. It does not matter if you use a realtor or not, they just follow your requirements for tenants - the fee you pay them is for the work of advertising and showing the place, the type of people who qualify are the same.

In the past, I had a minimum credit score of 650 (discount for those with 700 or better), no pets or smoking and all the references and work stuff/background check, and only required first and security - which per law was stored the entire time in an interest-bearing account and never touched. I got lucky in having several tenants over 10 years and no problems.

I am considering renting again in the future. If I do so, this time I would only take a credit score of 720 or better, and would do first, last, and security. But for all that, I would be willing to take a good chunk less than market value for the apartment - it's far better to have less money up front and the peace of mind, plus fewer costs at move-out, than to go through all the eviction proceedings, trashed home, months of no rent, and all of that that so often comes with renting. Of course, I believe you have to provide a nice place for all that, and keep the place in good repair. But I have heard plenty of stories from people I know who weren't that picky with who they let move in because they just wanted the money fast, and lived to regret it.

Unfortunately for the OP, this is the world we live in, especially in a city like Miami. So many people have come before and trashed the places, run meth labs, skipped out early, left a mess... now you have to pay for the "privilege of renting" to make up for their mistakes. It is barely more affordable to rent than it is to buy now, and apartments in Miami-Dade are in such demand that it is hard to get better deals. And for all that, they often don't keep the place up very well.

Be prepared, in case you are not used to it, that many apartments in Miami also now require proof of renter's insurance on top of all the other expenses.

Nobody has ever accused Miami of being a cheap place to live. And the less money you have, the more it costs.

[ElGuito]

My experience, may not be the norm, but here it is.
My credit score is in the high 700s.
There were two main parties to the rental process, the "management" Company - owner of the apartment I guess, and the "Association".
Each required $100 for the application, which seems to include Credit and Criminal Background check from both.
The requirement was a 1 Year commitment - which seems to be standard.
1 full month of rent, in cash or equivalent, which goes half to the lessor and lessee agents.
Equivalent to 2 months rent for Security Deposit.
From the "Association" $35 for each security card to access the complex. $20 for each card that will access the "gym".
I pay (and install) for my own Mail Box lock.
But, walking distance to the basic service stores (in the Red Zone according to this Neighborhood-Meter), still good location at the edge of the River, I think.

[hurricaneMan1992]

Once you get to two months security PLUS first/last even with near-perfect credit, that is getting excessive--unless it's truly a premium location, perhaps, like the Continuum in South Pointe.

And along the Miami River is not the most walkable part of Brickell or downtown either...you really want to be south of 8th, west of Brickell Ave. for the most walkability.