The beautiful beaches and lively nightlife of Miami draw thousands of new residents each year. Some of these newcomers choose to purchase property in the Miami-Dade County area. However, others decide to rent.
Condos for rent in the area are plentiful, and most people are able to find a great unit at a price that they can afford. The real estate market in Miami suffered a blow during the recent market decline, and some Miami properties remained vacant for a period. To promote the leasing of their properties, many owners and developers lowered their rental fees.
Miami Condo Rental by Location
Condominiums are available for rent in many of the most sought-after areas of Miami, including South Beach and the Greater Downtown Miami area.
South Beach is known for its distinctly international flair and its beautiful historic buildings. In this area of Miami, celebrities are often sighted at local club, and some of the most beautiful people in the world populate the beaches.
Greater Downtown Miami is distinctly different from South Beach, but it is definitely a desirable living location. Residents in this area are surrounded by amazing views of high rise buildings in a professional atmosphere.
What You Need to Know Before Renting a Miami Condo
Condos for rent in Miami are available at a variety of price points. Luxury units are available for those who are able to spend a bit more for the best amenities that Miami has to offer. Nevertheless, there are still economical options for people who would like to live in the Miami area but may be on a more restrictive budget.
The average cost of rental units in Miami is reasonable. In 2015, around 9,500 rental units were leased at a median cost of $2.51 per square foot within the South Beach and Greater Downtown Miami areas. This is only a slight increase over 2011 reports that show fewer than 7,350 units rented at a median rental rate of $1.97.
People interested in renting a condo in Miami should review available properties to find one that suits their needs.