The Realistic Way To Price a Miami Rental Home When The Market is Mad

Forget basketball and even the weather, when people mention the Miami heat lately it’s more likely to be real estate talk. But when the market is hot, how much rent is too much? How do you price a Miami rental property in 2022? By ditching the property management model for a real-world alternative.

While reports vary, they all tell a similar story: Miami rents hit an all-time high in 2022. The NY Post blames an exodus from NYC, LA and SF for Miami apartment rents increasing by as much as 57%. In February, CNBC ranked Miami as the fifth most expensive U.S. rental market for a one-bedroom apartment.

But with these sharp increases are warnings that the Florida market is overpriced.

While 2020 was the year of the pandemic, 2022 is shaping up to be the year inflation went mad. Owners and buyers of investment homes in Miami are looking at how much rent to charge to cover mounting costs and interest rate rises. Of course, residents will also be redoing their rent budgets keep a roof over their heads.

How to price your Miami rental property with realistic, real-time rent valuations

The take away from all this madness is that this isn’t the same rental market of years gone. Property values have changed too much, we’re all playing a different game now. Yet, it seems this is news to the property management industry, who are still using a handful of comps to price Miami homes in this complex rental market.

Belong addresses complexities by taking a modern approach to pricing homes on the rental market. In fact, Belong has ditched the property management model to offer a completely approach to the rental market.

When helping homeowners in Florida, Belong uses technology to blend live market data with an all-important metric: real demand for each home. We determine the right price for your home that will maximize rental income and keep vacancies low, long-term. And because we extend our services to renters as part of our community, we attract the best of the best to place in your rental property.

Belong averages 66% less vacancy than property managers

Once your Miami home is listed on Belong, we get a true measure of the home (not just the market benchmarks). Our proprietary tech examines impressions, tour sign-ups and how many people have started rental applications. With all that data at our fingertips, we can work with homeowners to react quickly and maximize rental value, while minimizing vacancy.

As a result, we trump the property management industry with 66% less vacancy. And our residents want to stay too. 71% of Belong residents renew their 1-year lease (and unlike property management companies, this is done at no cost to homeowners).

New laws on increasing rent in Miami

Regardless of how your Miami rental home is valued, if you already have a tenant in place,  you can’t just decide to play catch-up and throw a massive rental increase at your residents.

In May 2022, Miami-Dade County passed their first Tenants Bill of Rights, which governs rental hikes. Owners need to provide their residents with 60-days notice for any rent increases of more than 5%. So if you feel your home is undervalued, be respectful and keep an open dialogue with your residents to ensure your price increase is fair and lawful.

If you switch your rental home to Belong’s residential network, we can assist with this process. Plus, we will be on hand 24/7 to assist your residents, freeing you up to focus on other things in your life.

Goldilocks rental pricing that is just right, for right now

With a unique approach and live insights from the Florida rental market, Belong knows exactly what high-quality, long-term residents are looking for and what they are ready to pay, right now.

The result is fewer vacancies, great people caring for your home, profitable rental income, and no tricks or compromises that could put you at legal risk or devalue your home as a rental investment.

Find out how Belong would value your Miami rental at https://belonghome.com/homeowners/miami. Got a Florida home for rent outside of Miami? Check out our homeowner guides for Orlando and Tampa.