All Forum Posts by: Vera G.

It is another question whether higher end properties provide higher return on investment (I think no). Remodeled and pricier units (in this complex) also sit on MLS for months, as far as I can see. 1.5 k is not exactly for low income tenants.

However, there is a fair market value in older properties and two years ago it was higher than what i can get now, based on my experience. I am wondering if it is a general trend in Miami rental market today.

All units in this price range have old kitchen. Remodeled units are 1600+. Other than the kitchen it has been updated.

Again there is a lot of caution on these forums against over-improvement of rentals

@Marc Winter, thank you for advice, you are right of course about not being able to recover rent lost to vacancy. We lowered the rent however, it is the lowest 1 br in the complex currently, increased renters agent fee as well. The question is, how much lower should we get? The unit is not even paying for itself.

Rent in new construction is generally more expensive, if it is an oceanfront new construction it is a lot more expensive, a totally different market. Hemispheres and the likes are affordable yet well maintained, a luxury version of the 70s.  Are you saying that market has been diluted by new construction?

Craiglist really did nothing, the only leads are short term. But thanks, I will try Facebook!

HOA, like in most oceanfront complexes in Hallandale Beach only allows to rent once a year, which is why we have to stick to long term only. the property is on zillow and similar websites, perhaps its time to put it on facebook too. We do get several showings a week from realtors and we do get positive feedback but no offers at asking price, way below. Everyone I know has rented out their units with no problem 2 years ago. Is Miami rental real estate starting to spiral down? I am wondering if it is like that for everyone who has rental units on the market right now.

We have a 1br in the Hemispheres complex, on the barrier island (2nd line of buildings from the beach) in Hallandale Beach, FL. 2.5 years ago it was rented in under 1 month for 1450, while similar apartments in the complex were rented 1500+. (This is all 1year rentals, association only allows 1 rent a year). Now as tenant moved out its been sitting on the market for 2 months, only attracting low offers of 1350, not even sure if renters were qualified as we did not proceed with screening. This is currently lowest priced 1br in the complex at 1450, it is a nice unit on 10th floor with nice views, not over-improved but nice. (MLS#:A10499901 )

It seems that now prospective renters are not willing to pay any premium for ocean properties. I don't see other apartments here  offered at low prices, at the same time they are sitting on the marked longer. Has anyone noticed a pronounced downward trend in rental prices in  Miami area? Is this a dead rental season? Is it a new market reality that rents are 10% lower than 2 years ago? I spoke with 2 realtors and they said rental market was good, at least as usual.

Thanks!