Renting is the “new black”.  People are renting now more than ever, especially since we have hit a ten year low in home ownership.  Coral Gables has rental options for all pocketbooks, from a $700 studio to a $45,000 waterfront estate and everything in between.

Here’s the down and dirty on renting in Coral Gables, FL

What do rentals cost in Coral Gables?

  • studios start at $700
  • 1 bedrooms start at $800
  • 2 bedrooms start at $1,200
  • 3 bedrooms start at $2,000
  • 4 bedrooms start at $3,000
  • 5 bedrooms start at $5,500
  • 6 bedrooms start at $7,500
  • 7+ bedrooms start at $12,000

** the average Rented to List Price Ratio for the last 90 days is 96%

What is the rental procedure in Coral Gables?

Typical things that you might want to know about a potential rental are:

  • Does the landlord want first, last and security (ie three payments to move in)? BTW, this is standard.
  • What is the pet policy (if you have pets) and is there a pet deposit (is it refundable?)
  • Is there anything extra included (ie electricity, internet, lawn service, etc.) in the rent?
  • Is there an application for the landlord and/or the condo (if applicable) and what is the cost and how long does it take? If there is an additional deposit to the condo association, who pays this? *** If the Condo or Homeowners Assoc needs 2-3 weeks to process the application, you won’t be able to move in on the first of the month unless your application was in only a week prior ***
  • What is the parking situation?
  • Does the landlord requie a credit check?

Once you find a rental that you are interested in, your Realtor will write up a “Contract to Lease” which is a legally binding offer to lease.  This is where you you will detail out your offer, what you expect, who pays for what, etc. Along with the contract to lease, you will normally need to give your Realtor a deposit equal to minium of one month’s rent, which will then be held in escrow.

Once the contract to lease is negotiated and signed by all parties, a lease is then drawn up.  This incorporates everything agreed to by you and the landlord into the legally binding lease.

All remaining monies due will need to be in cleared funds (ie cashier’s check, money orders) prior to move in.

If there is ANYTHING you want to make sure of, get it in writing before finalizing the lease.

Make sure it is clear in the lease who pays for repairs of appliances, etc.  There is often an agreed upon threshold (say $50, $100, etc).  Under the threshold, the tenant pays, over the threshold the landlord pays.  Also ask who your contact person is once the lease starts for repairs, contact, etc.

What if the landlord is behind in their mortgage payements or in threat of being foreclosed on?  The Protecting Tenants at Foreclosure Act is Title VII of Public Law 111-22 made it law that the NEW owners (if foreclosed and auctioned off) must give you 90 days notice and, in MOST cases, allowed to stay out the term of your written lease. (this link has all the legal info you might need regarding residential leases in Florida)

Renting is an option that many are exploring right now.  If you are in the search for a new rental, give us a call, we’d love to help! (305-569-6380, ext 2 or 3)

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