12/12/2022
In Miami, the home-buy market may be slowing down a bit, but it’s not the same for the rental market. Inventory simply has not even come close to demand.
Renters love the beaches more here, and the nightlife in Downtown Miami, but they could not afford it, so many moved North Miami or Homestead, where rents are more affordable. That is not surprising, check Rent.com and find out that leases in Miami-Dade remain high in most metro areas. The cheapest rent was found in Homestead, around $1,300 a month, the highest was in Downtown, and is closer to $3,600.
Over Broward, the cheapest rent is Deerfield Beach, while the most expensive is Ft. Lauderdale.
Suzzane Hollander, an attorney, and professor at F.I.U.’s Hollo School of Real Estate, said: “I took a poll in my classroom, and 70% were not a landlord and not a tenant, that means that 70% live with family, and that is a reflection of the hot rental market.” “People in high-tax states were already relocating to South Florida so they wouldn’t have to pay income tax.” She told CBS4.
Florida has long been known as a place to escape state income taxes, and during the pandemic people found they could work from anywhere.
In addition to state and local taxes (SLT) exodus that’s helping increase rents in South Florida, socialist governments being elected throughout Latin America has pushed more people to leave and emigrate to Miami with a large concentration of Central & South Americans. And now, we must add the costs that are going up for condominiums, and that gets passed to the renters. But if tenants want to negotiate with the landlord, the best thing is to be a good tenant. These are some steps that will help your negotiation: 1. Pay on time, and establish a good record. 2. Discuss the option to stay early, rather than at the end of the agreement. 3. Try to extend at least for a longer term, potentially paying upfront.
