Miami, FL: Magic City
With an estimated 442,241 residents, Miami is the second-most populous city in Florida. It also serves as the seat of Miami-Dade County. Miami is known for many things such as its gorgeous skyline, amazing nightlife, and thriving economy. With beautiful beaches and parks, the city is also a popular tourist destination.
In terms of arts and culture, Miami does not disappoint. It is a hub for entertainment, with many performing arts venues and museums. Some of these include the Adrienne Arsht Center for the Performing Arts, the Olympia Theater, the Wertheim Performing Arts Center, the Frost Art Museum, the Institute of Contemporary Art, the Pérez Art Museum, and the Vizcaya Museum and Gardens.
Miami also hosts several festivals and events. These include the Calle Ocho Festival, the Miami International Film Festival, and Miami Fashion Week. Sports also play a big part in the culture of Miami. It is home to five major sports teams: the Miami Heat (NBA), the Florida Panthers (NHL), the Miami Dolphins (NFL), Inter Miami CF (MLS), and the Miami Marlins (MLB).
How Is Miami’s Rental Market?
Miami has a flourishing rental market. The city sees millions of visitors each year as well as countless new residents. Thus, the demand for rental properties is understandably high. In fact, renters make up a whopping 70.4% of Miami’s population. Homes aren’t very affordable, too. The median listing price for a home in this city is $450,000, with some costing as much as $50 million. As such, it comes as no surprise that many residents choose to rent.
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This is good news for rental property investors. In addition to a large pool of renters, Miami also presents an opportunity to earn a high rental income. The average rent in this Florida city is $1,915, which is significantly higher than the national average. This also signifies a 12% year-over-year change, so rent is only getting more expensive by the year.
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To break it down further, 23% of apartments in Miami fall between the $1,001 to $1,500 rental range. Another 37% fall between the $1,501 to $2,000 rental range, and 36% command a monthly rent above $2,000. To top it all off, the Sunshine State has one of the most favorable environments for landlords. Landlord-tenant laws are not very comprehensive, and rent control is even prohibited.
How a Miami Property Management Company Can Help
For landlords and property investors, it is hard to deny the appeal of Miami. However, although you may have money to buy a rental property in this city, you may not have the time or interest in round-the-clock rental management. Being a landlord is taxing work, which is why many opt to outsource the job to a Miami rental management company.
With expert help, landlords can rest easy knowing all their responsibilities have been passed down to competent hands. How can a company make property management in Miami easier? A property management company can accomplish the following and more:
- Advertise your listing
- Screen and process tenants
- Oversee property showings
- Set and collect rent
- Create a lease agreement
- Perform move-in, move-out, and routine inspections
- Enforce your lease terms
- Manage maintenance and repairs
- Respond to tenant complaints
- Manage your budget
- Help with tax calculations
- File evictions
Find the Best Property Management in Miami
Good rental management companies are tough to find, especially if you don’t know where to look. Start your search on the right foot using Rental Choice’s comprehensive online directory. We list reliable management companies that you can filter by city or state. What are you waiting for? Find a trusted rental management company today!