The city of Miami is one of the most diverse and colorful metropolitan areas in the US. The city is known as the “Gateway to the Americas” and prides itself in having a colorful sprinkling of nationalities from various parts of the world.

Although not much is left of the old Miami skyline, as more and more residential and commercial developments have sprung up to change the face of the city's landscape. The luxury apartment sector here has been generally established to be only within walking distance of the ocean, to afford owners and renters better and more lucrative views.


Apartment Market Conditions Here

Although the luxury rental apartment sector is seeing a boom these days, the problem is that for average folks and families, finding a more affordable and relatively inexpensive apartment here is quite hard. In as early as May of 2001, the area saw a mere 2% vacancy rate for all kinds of apartments, as compared to May 2000, when the vacancy rate was quite up at 2.4%, according to local real estate analysts.

Real estate industry observers say that there is an imminent apartment shortage in Miami-Dade, and they estimate that the county will need an additional 4,380 units per year between the next five years. However, But there is little chance those units will be built, based on the conditions in the past four years.

For instance, from 1997 through 2000, an average of 1,449 units were built per year in Miami-Dade. At present, the average market-rate, one-bedroom apartment in Miami-Dade rents for $790 per month, and rental rates are expected to rise up, on average about 3% in 2001.

In contrast, at Brickell View for example, a one-bedroom will go for around $1,350. In looking at the local MLS listings, taking as a sample apartments/condos with 2 bedrooms and 2 bathrooms, it was found out that there are a wide range of rent prices, and these will be dependent on the location of this units. In Aventura, an area which is largely made up of condo developments, it was found that 328 of such units had rental prices of about $1,200 to $5,250.

How To Find The Best Apartment Options Here

To make your apartment hunting task a quite easier process, property market insiders say that you look early, don’t delay, and get the assistance of a real estate agent that specializes in rentals. You could also check on the area newspaper's s classified ads, or on property Web sites like SellHousesMiami.com, Craigslist, the Miami Herald, and others. It would also be good if you begin your apartment search at least 30 days before the date you’re planning to move, as this will help you find one in a more relaxed manner.

Another reason is that, if there’s an application with the apartment complex or condominium association, it may generally take around an average 10-20 days to get an approval, so the sooner the application the better. You also need to make a list of the important items you need to know, like availability of parking space,availability of a washer/dryer in the premises, the regulations regarding owning pets, and the minimum length of contract.

In addition, also ask questions about application fees, and security deposits. Apartment and condo associations in this city often require renters or buyers an application fee that can be around $150, and many of them also currently require you to shell out a refundable deposit, in case you incur in damages or alterations to common areas.


Vanessa Arellano Doctor
Miami Real Estate