Rent
Are you willing to rent?
Many clients ask us if we can rent out the property they bought as an investment. And the answer is yes! We want to help you find the best tenant quickly.
We also support them in their search for a new place to live, guiding them step by step throughout the entire process and assisting them with the necessary documentation.
WHAT SHOULD I KNOW BEFORE LOOKING FOR A RENTAL?
Before you start looking for a rental property, we recommend you first seek the help of a real estate professional who can help you throughout the entire process. Then, know exactly what your budget is so you can determine which areas fit your budget.
Main steps when renting:
Meet with a real estate agent. This will be your best ally, as websites and online listings should always be verified by your real estate agent to ensure you don’t fall victim to scams or other crimes.
Determine your budget and location. Prices in South Florida vary depending on the city you select, the location, and the square footage. Renting near universities, airports, and large companies or business centers increases the cost of the property.
Meet all rental requirements. It’s important to obtain documents such as proof of income, payroll, or bank statements before viewing the property to demonstrate to the landlord that you have the means to pay the rent, a criminal background check, and at least the first month’s rent, as well as a deposit to secure the unit.
Find properties within your budget. When renting, we must be aware of how much we can afford because that is a variable that the tenant also takes into account. We must earn at least three times what we will pay in rent. If the house costs $1,000, our monthly income (including our spouse’s) must be at least $3,000. Your agent will send you a list of options that match the characteristics you specified in your search.
Visit properties. The real estate agent will contact the agents of the properties you like the most to schedule appointments so you can visit them in person. Keep in mind that some properties may still have a tenant in the unit, so it’s always recommended to schedule these appointments at least 24 hours in advance.
Submit a rental offer. Before submitting an offer, the real estate agent will conduct a comparative analysis showing you the most recent rental units in the community you’ve chosen and how much they were rented for, in order to present a fair offer for both the owner and you.
Apply to your neighborhood association or management company. To apply for most rental housing, you must complete an application or form, pay an administrative fee, and submit your requirements in writing or by email. This fee is nonrefundable. If the association rejects your application, it will not be refunded.
What documents do I need to rent?
Credit record with a score above 620
Valid state ID
Demonstrate income of at least 3 times the value of the rent
Police record: no criminal record and/or record of evictions in the last 3 years
Immigrants who don’t meet these requirements have two options: find a relative or friend who will rent them a property knowing they don’t meet the requirements, or go to a rental community that accepts foreign tenants and charges only a one-month deposit (however, not all of them accept foreigners). You should keep in mind that having a bank account with sufficient funds can serve as collateral when proving your income.
What is the difference between a rental community and a condominium?
An apartment rental community is a group of properties owned by a single person (individuals or corporation) who rents the units through a management company, which may be owned by the owner or a third party.
A condominium also corresponds to a group of properties, but each property has its own owner. A single person or corporation can, of course, own multiple properties. All the owners elect a condominium board and a board of directors.
This board of directors, in turn, has a series of requirements for accepting future tenants, which are usually the same ones the owner requests when renting.
How long are the contracts for?
Leases are generally for twelve months; you can also get month-to-month or six-month contracts, but they increase the monthly rent.
Investors like to have a contract that guarantees income for a long period, so the longer the contract period, the more economical the rent can be.
Do you accept pets?
One of the things that can make renting more complicated is having a pet. Many condominium owners and landlords don’t like their tenants having animals, because if there’s a fine, it’ll be levied against the property.
If we want to keep our “best friend,” it’s important to have an up-to-date vaccination record and ID card. Some properties allow pets weighing up to 20 pounds, which are classified as small or medium-sized dogs. Typically, the owner will require a non-refundable pet deposit ranging from $250 to $500.
Note: All of the above may vary if your pet has a service or emotional support certificate.
