Renting vs Buying Real Estate in Miami – Comparing Rental Properties to Properties for Sale
Renting vs Buying Real Estate in Miami
Shall I start with renting or buy right away? This is always an important question, even more so when families are relocating to Miami. In this blog I do not want to go into the obvious, and compare renting a property with buying a property. We all know the financial pro’s and cons of owning a property vs renting a property. This blog is intended to give you insights into what you can buy or rent with a certain budget and to give you feedback on the Miami real estate market as we deal with relocation buyers on a daily basis. Several of my most recent relocation buyers came into town to rent for 12 months, but ended up buying after getting to know the market and the city.
As of 2021 the rental market is extremely tight and prices have increased significantly. Due to the many relocations the Miami rental market is experiencing an extremely low inventory specially when it comes to single-family homes. Because of this lack of inventory rental properties are currently renting for a premium (even more so than in the sales market). For this reason many relocating families end up buying a property as this makes more sense financially. Those who are looking for a rental home in the areas close to Miami’s best schools will experience a severe lack of inventory while those looking at the condo market will notice that we have reached the bottom prices of this cycle, which makes buying extra attractive.
In this blog we are showing Miami real estate for sale and for rent in the city’s most desired residential areas. You will notice the lack of single-family homes in the rental market and experience what you can rent or buy for a certain amount of money. For more market information, market statistics or off-market opportunities please contact David Siddons at 305.508.0899.