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.