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May 30, 2008, Newsletter Issue #160: What Drives Rent Prices
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Tip of the Week
How do you know how to price your Miami condo or Miami home? Here are a couple of tips so you'll know which Miami investment properties will yield the best rent potential: Location – We all know location is important, but specifically locations near to schools and universities are popular because you have a transitory group of people coming in and out of state. Of course, this means you may not get a high rent. Another funny note, did you know that rental rates can actually relate to geography? Sunnier areas and better views yield higher rents. Size – A spacious apartment will always attract more potential tenants. Two bedroom units are especially desirable because a renter can bring in a roommate and halve their own cash outlay. Amenities – Apartment and Condo amenities will attract renters. If there is a washer and dryer available in the unit, if there is a pool, if there is covered or contracted parking available with the unit, if there are newer appliances and fixtures and finally, if the unit is close to the beach.
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