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In South Florida, the rental market remains strong. This is particularly true in Miami, where the rental market has experienced a tremendous increase in rental prices over the last five years. According to RentJungle, the average rental price for an apartment in Miami is $2072. Over the last six months, the average apartment rent in Miami has increased by five percent. Among the most expensive neighborhoods in Miami in which to rent are South Coconut Grove and Downtown Miami.

Recognized as a global destination favored for its beaches and nightlife, Miami has a wealth of amenities to offer not only travelers but also residents. Recently, Downtown Miami has evolved into a 24-hour city that provides residents with the opportunity to enjoy a vibrant nightlife scene, extensive cultural opportunities, and the ability to live and work near it all. As a result, the demand for rental properties in Downtown Miami has significantly increased.

Downtown Miami Rental Market Continues Expansion

The demand for rental properties in the Greater Downtown area has expanded so much that the Miami Downtown Development Authority recently announced that 6,700 new rental units are planned for the Greater Downtown Miami market. According to TheRealDeal, landlords are currently favored in the Greater Downtown Miami rental market, with occupancy rates exceeding 95 percent and annual rental rate increases ranging between six percent to ten percent over the last four years. The Miami Herald reports there are currently less than 1,000 units available for rent in Downtown Miami.

Along with the numerous amenities within easy reach in the Downtown Miami area, key factors driving the strong rental market include the challenges faced by prospective buyers who experienced credit damage during the Great Recession. Many of those would-be buyers are still experiencing difficulty in obtaining financing to purchase their own units.

Rental Market Growth in Miami Underscores Need for Effective Property Management System

In light of such tremendous growth in the rental market in Miami, property owners and managers must ensure they have a solid system in place for managing their rental properties. The process of managing rental properties can be complex and involves much more than simply making certain that rent is paid on time and repairs are handled in a timely manner. Bookkeeping matters can be a time-consuming process but is vital to ensuring that your property rental business is managed in an efficient manner.

VerticalRent offers an income and expense ledger that makes it easy for property owners and managers to add income, track expenses, and even flag items for follow-up. With these features, you will know instantly when an ePayment is made via the Tenant Portal. Receipts, expenses, and mileage can be quickly tracked on the go on any mobile device.

Among the most challenging aspects of managing rental properties is ensuring that you have all of the documentation necessary for tax purposes. With the income and expense ledger from VerticalRent, you can invite your CPA or accountant to review your books and ensure your bookkeeping is handled properly.

DISCLAIMER:

RisenLife Realty is not a law firm, and the employees of RisenLife are not acting as your attorney. Our educational blog and sample real estate forms are not a substitute for the sound advice of a local attorney, whom is familiar with your local laws and regulations. RisenLife cannot provide you with legal advice, nor are we permitted to engage in the practice of law. We are prohibited from providing you with any sort of advice, opinion, explanation, or recommendation about your possible legal rights – which may include remedies, options, or defenses.

About RisenLife Realty

RisenLife Realty is Miami’s premier 100% real estate brokerage firm. We retain Miami’s top real estate agents to help clients across the world buy, sell, and rent real estate in South Florida’s hyper-competitive marketplace. Although selling your home fast is our specialty, we also work with clients to advise them on when to buy a home in Miami, while also assisting for sale by owners with our popular flat-fee $98BuckListing™ MLS Listing service for Miami-Dade County. Deeply committed to South Florida’s socioeconomic success, we maintain an educational real estate blog that provides tip & tricks from buyers, sellers, renters, and FSBOs. Miami buyers can sign up for a free account and search our free Miami MLS real estate listings. Miami real estate agents can Join Us today and start keeping 100% of their commissions earned.