Rental property in Miami is gone often the moment it hits the MLS it seems (or at least that’s true with many of the really good listings). Of the properties listed for lease in Coconut Grove on Wednesday, 75% of what we scheduled to show our clients on Friday were already ‘pending’ … rented/leased out… by Thursday evening. Nine out of twelve properties that we were scheduled to be showing were leased out literally within the span of under two days.
While it can be hard on anyone looking to rent (ie. tenants) … it is welcome news to anyone looking to lease their property out (ie landlords). Anyone considering purchasing investment property … ought to take a look at Miami.
We just picked up keys for clients of ours who are driving across country as I’m posting this … relocating to Miami. The keys are for a rental property that we stumbled across in April. The landlord purchased the house earlier that month as an investment property (to be eventually ‘gifted’ to her young child) … and she was in the process of gutting the house when Alexandra and I happened across it. (It was not listed for lease… It was literally gutted … with workers there, updating altering and renovating it). There were no bathrooms/ no floors/ no airconditioning … but it had potential . We submitted our client’s offer to lease …. And then I periodically stopped by to see how the renovations were coming.
Upshot? That Palmetto Bay house turned out beautifully! Our clients will be arriving by car in a few hours… arriving from halfway across the country … and settling in. Everything in that house is new : from the flooring… facade … AC … appliances …. bathrooms … fans … landscaping … fencing … painting… crown molding … window treatments … asphalted driveway … BEAUTIFUL!
Unquestionably, it takes vision on the part of a prospective tenant (and and equal amount of TRUST … or faith) to lease something that is still in the throws of being gutted and renovated … and I have to hand it to these tenants! But with properties being leased out so quickly in Miami right now, leasing out homes that are in the throws of being renovated CAN work. We have another client who was here in Miami this past weekend – looking to do exactly that … lease out a property that is undergoing renovations … then relocate to Miami this summer .
In a market where things are picking up … which is an apt description of Miami … sometimes we have reach beyond the confines of the ‘box’.
There is a shortage of property available right now in South Florida for lease and for purchase, and if you happen to be at all considering moving, we have clients looking … and we would love the opportunity to chat with you about leasing or selling yours! You are welcome to contact me or my team here, or at 305 793-1365 … Vicki and Alexandra Restivo – EWM Realtors.