Buy or rent a property in Miami? If you’re weighing the pros and cons of owning a property or renting in Miami, consider what amenities you can get as a renter and where you might be able to live. Here are some things to keep in mind when deciding the best option in the Magic City.
Pros to rent a property in Miami
Test the waters
Renting a property or an appartement in Miami is a safe bet if you want to explore the Magic City without having to commit to owning a home. Moreover, you’ll have fewer living expenses and more freedom to move, before you consider settling down for good. Also, most landlords offer flexible lease options (12-month, 6-month, or even month to month).
Renting market is very large
Miami is home to plenty of luxury apartment rentals or condos that are great alternatives to buying a new home in the heart of the city.
Whether you’re looking to live in South Miami, Coconut Grove, Coral Gables or Miami Beach, you find fully furnished apartments in all these neighborhoods, complete with top appliances, 24/24 valet, fitness centers or huge swimming pools.
But when you’re renting a property in Miami, the landlord is responsible for everything. Indeed, from spraying for pests, to maintaining the AC, to fixing anything that leaks or creaks, that is not for you! Tenant will be responsible for minor maintenance like… replacing light bulbs!
Pros to buy real estate in Miami
Buying real estate in Miami allows you to build home equity. Putting equity into your home will provide you with many financial benefits.
Great ROI (Return on Investment)
Miami welcomes more than 24 million tourists every year. All this people need a place to stay. Owning a vacation property in Miami gives you a strong source of passive income through vacation-goers searching for places to stay with traditional rentals or on platforms like Airbnb.
Enjoy more room
Miami properties typically offer more space than Miami apartments. Indeed, the average size of an apartment in Miami is around 887 square feet, while the median square footage of a home in Miami is around 1,389.
Buy or rent a property in Miami depends on a few factors like the amount of money you have, the neighborhood you want to live in, your job security, and most importantly, your personality. To find the option that fits you the best, check on this list of properties