Rents are on the rise in Miami, here’s how tenant reps can help

by Emma Ludman recently released their Annual Rent Report, which highlighted the rental market’s current trends and fluctuations experienced by renters in major cities across the United States.

The report revealed a trend of increasing rent premiums across the Southern region of the United States and Miami was no exception.

Overall, the data gathered showed a year of unprecedented growth for Miami’s rental market. The rent for studio apartments increased by 4.4 percent, the rent for one-bedroom apartments increased by 21 percent and two-bedroom rend premiums are up 18.1 percent.

This growth was on par with data from the rest of the region, but Miami was one of the leading cities across the board for rental price surges. 

The market is hot right now for rental properties, so here are some tips and takeaways for how you can help find your clients the rental place of their dreams.

  • Work with your renters to create a list of wants and needs. When helping your clients look for properties, it is important to make sure they are realistically evaluating their expectations for the rental experience. Factors such as transportation, location, and cost of living are all incredibly important when it comes to finding the perfect place and should be taken into consideration before more exciting elements, such as amenities.
  • Advise your clients to ‘partner up.’ A great way to help your clients meet their rent budget is to encourage them to consider living with roommates to help split up the cost.
  • Show them the middle floor. The convenience of a first-floor unit and the views of a top floor unit can be very attractive to prospective tenants, but you should inform your clients that by picking a middle unit, they can save money on rent and utilities. By being in the middle they can benefit from the surrounding units cooling and heating systems which can help tenants budget out tremendously in the long run.
  • Remember that value is a constantly shifting baseline. Rent prices are constantly fluctuating due to a variety of external factors. Don’t let your tenants get discouraged if they are having trouble finding a place within their constraints because chances are in a couple months the market will be completely different. Keep an eye on neighborhood trends for your clients so you can help them find the perfect time to rent.
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