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That’s where you need to come forward and negotiate. You have the power, not them. Meet the median % increases in the market, but don’t go over. If they want you to find a new place, then time to move. Don’t accept their offer.
There are tons of apartments all over the United States. Start looking.
@SeniorAssociate - the only “power” you have in all of this is the power of choice. You can choose to negotiate with your landlord or you can choose to move elsewhere. Unfortunately, the current rental market in South Florida is absurd, but that is the demand these days. Studios that were once $1k are now $2k+ and single family homes (3/1) that were once $3k are $6k+ (perfect example is my neighbor). The further east and the closer you get to downtown, the more you will be expected to pay.
Rising Star
Hi. I just renewed my lease. 1/1 in Brickell Key. 2300 in 2021. 2800 in 2022. 2800 now, 2023.
Landlords realtor called asking for s 5% increase and emailed the offer and I detailed VERY CLEARLY in my response why thats not appropiate.
Ive been looking to buy for months so I stay really up to date with the market. And I can tell its stable or even down. Check Condo Black Book or Zillow. Inventory is there, units taking longer to rent, prices getting cuts.
I validated all this with my realtor who agreed and sent me the PDF extract of MLS where it could be seen that prices were lower.
In my case, there were better 1/1 and my same condo or even nicer, higher floors, etc, for less price.
In today’s market you do have leverage to negotiate. And if they dont want to drop the price, although inconvenient, move. You’ll find a better place
Landlords want to cover their assess with raising HOAs and insurances. Im sorry. They made a bad investment maybe. Im not going to pay for it. Thats why Im not buying in SoFlo
Rising Star
I literally told my landlord “if you dont keep the 2800 (or he should have even lowered) Ill just move to another unit higher with nicer view, same condo, one elevator away with no need of any Condo Assoc approval, and save 5%”. That was all. Explain to landlords. Many are getting terrible advice by realtors who want to max profit
Yes, bienvenido a Miami. Insanity over rent. Not just in Miami, all over South Florida. Yet, they want to pay less in wages than NY and LA.
Not first hand knowledge as I own but my friend said her building has a bunch of vacancies and so those that are renewing were able to negotiate zero increases. She’s somewhere in Miami Beach. Wish I could be more helpful
I am in the same boat about regretting but not getting those crazy price increases as you… agree with Purdue university comment… negotiate… that’s what I did in the last years and my rent is still below market but pretty close to it…
$550 per month increase is way too much. You definitely should leave wherever you currently rent from. Being walking distance from things aren't worth a $550 monthly increase in rent expense. Check other apartment complexes nearby to see what the rent is. If they're all that high, you may have to relocate. Messi moving to Miami definitely did not help.
My rent went up $600 a month in May. Last year it went up 1200 a month.
Lol thankfully I split with my fiancée and we aren't even in brickell. It's crazy that landlords are still going up more than $100 a month
My rent only went up by $80 this year. I hear the prices are stabilizing elsewhere too. If you’re getting price gouged, there are definitely other options.
Are y’all with crazy rent increases in Brickell or somewhere on the beach? I live in west Miami and dealing with normal increase (~3%). That’s another alternative if you still want to live in Miami and not paying crazy rents.
700 increase last year (30%). This year 200 (6%) lol brickell memes
The Brickell increases are insane, but always try and negotiate.