Believe it or not it is still possible to find a reasonably priced rental in Miami. The real estate market affects the rental market in a big way. When the market was booming rental prices remained the same but as the real estate market has slowed down rents have started rising up to 12% in some areas of South Florida.
The recent condo-conversion trend did away with large apartment rental buildings making the amount of available rentals harder to come by. Most condo-conversions were inexpensively priced, this made it appealing for many people who would otherwise rent to jump on the bandwagon and buy. This of course means that units that were once lived in by tenants are now owner occupied consequently reducing the inventory of rentals available. In spite of this, those same condo-conversion buildings and even some pre-construction properties may be the best place for renters to find a well priced unit. Investors who purchased many of these units and were unsuccessful at selling them at a price they had previously hoped for have quickly pulled them off the selling market and are now looking for their first round of tenants to rent out their investment.
Whenever you do find a place negotiate the price. Owners may be willing to offer a small reduction in rent to attain a good tenant. Don't be afraid to ask the worst they can do is say no.
A free rent finder may also be a good place to turn to help in your search for Miami rentals. They usually know about undiscovered rental deals and will help you negotiate a better price.
Want help finding affordable Miami rentals go to http://www.myrentagent.com for Free Rent Locating Help.
