While properties in the real estate market are certainly becoming affordable, buying investments nowadays carries plenty of new troubles. Before you decide to become a landlord of a Miami rental property, you should first realize that this serious undertaking can be risky. Yet with all the new problems associated with renting and leasing, there are several newer solutions to patch them up.
Increased vacancy
One of the reasons why many are investing in Miami rental property is the increased numbers of people losing their home to foreclosure. It's only natural to assume that these people, after being turned out of their houses due to default payments, will be aiming for leasing as the next best thing. Unfortunately, the increasing number of potential renters is comparable to the soaring vacancy rates.
Landlords, nowadays, are having a hard time filling up their Miami rental properties. This may sound like a bad joke, but this paradoxical real estate situation is plaguing the country. Instead of renting, these people bunk with relatives or parents and only a few are looking for rentals. Savvy landlords, however, choose to offer incentives to prospects instead of losing more with the maintenance of an empty building.
Longer evictions
The prevalence of rental foreclosures and decrease in employment rate greatly contribute to growing evictions. And because evictions are becoming more and more rampant, Miami's courts, or anywhere in the country for that matter, find it difficult to complete the process. The amount of time to finish the legal paperwork significantly stretches to maddening length for landlords who are left with tenants they cannot evict yet.
This prompts landlords to work and help tenants in dire straits. It's become typical for landlords to aid tenants move out of the building by offering payments. This is a small amount to pay for the cost of letting them stay longer without paying.
Pet-friendly buildings
Many tenants are increasingly turning into pet-owners. In the past, any landlord can easily turn away a pet-owner with good rental history and good credit and overall financial health. Nowadays, however, it's not practical to shun these types of renter. Again, the situation is caused by the rising vacancy rate.
Turning your Miami rental property into a pet-friendly environment can help it survive. Even those with stringent rules for pets are highly sought by several renters. The cost of damage, noise and flea infestations is a small price to pay compared, yet again, to the cost of maintaining several empty units.
Mark Michael Ferrer
Miami Rental Property
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