Snagging a prime rental is tougher than it used to be. Here’s how to win

The headlines are filled with multi-million dollar home purchases by migrating tech and finance executives. But some are renting first, while others are bringing less deep-pocketed staff.

That adds up to competition — especially if you’re looking to rent a house. During the lockdown, demand for house rentals doubled, and it hasn’t slowed. (Trying to buy one is just as bad.)

“It is not only more competitive to rent a house than an apartment or condo, but usually a lot more expensive,” said Jaclyn Bild, a Realtor with Douglas Elliman. “A home in a high-end suburb like Coral Gables, Coconut Grove or Miami Beach, can cost two to three times more than an apartment or condo in the downtown area.”

If you are looking to rent in Miami, your best bet is an apartment or condo building. In the last few years, many rental high-rises have gone up both in downtown and the ‘burbs, providing an alternative to the condo buildings where absentee owners rent their units. As a result, Miami-Dade median rents are down 9.1% year-over-year thanks to a surplus of inventory. Renters can expect to get a one bedroom, one bathroom unit with amenities — think: pool, gym, spa and one parking space or valet — for the median $1,600 per month.

The Miami Herald consulted with three Realtors to see how locals and newcomers can be sure to snag their first-choice rental. Here are seven tips:

1) Start smart.

Look two to three months ahead of your move, Bild said. And while you’re at it, save up. Most landlords expect first and last month’s rent plus a security deposit; many also require about $100 to cover the association’s screening, pet fee and elevator reservation fees.

Explore Miami’s neighborhoods in person if possible, said Yanira Herrera, RKW Residential regional vice president. “Renters from out of state will need to spend time getting to know the areas they plan to frequent and determine what their commute time will be. Miami’s congestion is known to locals but could cause frustration for new residents who unknowingly end up living far from their workplace.”

Be realistic about pricing if you want some of Miami’s most popular neighborhoods. Expect to spend $1,700 and up for condo and apartment units in Coral Gables and Coconut Grove, said Robbie Bell, broker associate at Berkshire Hathaway HomeServices EWM. Houses are nearly double.

INTERACTIVE TOOL: FIND OUT WHERE YOU CAN AFFORD TO BUY OR RENT

2) Want a house? Pay up and move fast.

Renters looking for a house can expect to pay over $3,000 per month for a location within 30 minutes of Brickell or Downtown Miami. In more far-flung neighborhoods like Doral, Kendall and North Miami, prices are a little lower — and landlords may sweeten the deal if you sign up for more than a year. If you’ve got deep pockets, Bild said by email, offer to pay half the year’s rent upfront

“It will not only allow you to secure the home,” she said, “but could get you a slight break on the price.”

Once you spot a house that suits you, act quickly.

“When you rent a single-family home they are going in 24 to 48 hours with multiple offers,” Bild said. “With condos you might have more wiggle room” — though it’s best not to take chances. “Anything that’s furnished for a condo you need to jump on it right away because all of the relocations. If it’s unfurnished, you can expect it to rent in a week.”

If you’re looking at a rental building, Bild said, you might have more than a week to consider your options. Renters value condominiums more often than apartment buildings, she said, since condos often offer better locations.

3) Got a pet? Check the rules.

Some buildings and leases have limits on pet sizes, others don’t allow them at all.

“If you have a large pet, a house or apartment building may be preferred since the pet weight limits tend to be more lenient,” said Bild. “Many condo buildings have small weight limits for pets or sometimes don’t even allow pets for renters.”

4) Bringing a car? (Hint: You’ll need one.) Check parking rules.

“Renters bringing a car should expect parking fee expenses, as Miami is very limited on parking availability,” Herrera said by email. “Those with electric vehicles should find out which communities have a sufficient amount of charging stations.”

Also check to see where parking is located and whether residents are allowed to self-park or have to valet.

5) Get the paperwork ready. Here’s a checklist:

Bild asks the following from her renters:

▪ 1. Copy of driver’s license or passport for anyone living in the unit over 18 years old.

▪ 2. Filled-out application.

This is a one-page document detailing who will be residing in the unit, any pet or car information, current employment and salary and references.

▪ 3. Proof of income.

Landlords usually require gross income that is at least two-and-a-half to three times the monthly rent. The last three paystubs or bank statements will often suffice. If you’re relocating and starting a new job, you can provide an offer letter stating your annual compensation with your new employer.

▪ 4. Credit report.

“If you have a score of 700-plus, usually that makes you stand out against the competition or can help secure a better price,” Bild said. “More important than the score, is if you have any late payments or accounts in collections. It is very common for rental applicants to not have any credit, especially if they are coming from outside the US. In this case, many landlords will request an additional month of security.”

▪ 5. Don’t try to hide your pet.

Check first for restrictions, then provide a picture of Fifi, her weight and breed.

And this advice from Bell: If you’re planning to rent a condo, best to add a letter explaining to the owner why you are renting and why you want to live in their unit or house.

6) Ask for a spruce up?

“Every landlord has different expectations on how to deliver a unit to a new tenant, so don’t expect the unit to be repainted or perfectly cleaned prior to your move-in,” Bild said by email. “It’s important as you are touring units, to make note of any cosmetic imperfections you may want a landlord to fix prior to your lease starting.

[But] in a competitive market like the one we are in, I would recommend not asking for any extras or unusual requests since the goal is to secure the unit.”

7) Read before you sign.

If you’re renting a privately owned condo, Bild said, “always check if the unit you are renting is listed for sale since a landlord may want you to show the unit to prospective purchasers or possibly sign an early kick-out clause, should the unit be sold during your lease.”