Miami Real Estate | Should I Rent or Sell?
How The Coto Group can help you benefit from Miami’s sizzling real estate market
Welcome to Miami!
As the beachside gem of the Sunshine State, it’s easy to see why potential property buyers and tenants are flocking to Miami in search of the perfect home. Miami locals love and enjoy the city’s magnificent beaches, lively nightlife, and the bonus of not having to pay any personal income tax, so it’s no wonder that real estate sales in the city have been rising.
Suppose you’re a Miami homeowner looking to make the most of this increase in prices and demand by selling or renting your property. In that case, you should contact The Coto Group, a leader in South Florida and a top-producing team for ONE Sotheby's International Realty. We specialize in showcasing the best of Miami’s luxury real estate in sought-after neighborhoods.
As Miami continues to boast one of the best high-end real estate markets in the U.S., now is an excellent time to consider turning a profit on your local property. Not only have home sales prices in Miami continued to outpace the national average but as of September 2022, the median sold price of homes in Miami-Dade continues to appreciate. For Key Biscayne real estate alone, the median sale price of homes in September 2022 represented a nearly 25% increase over the previous year.
With property prices expected to stabilize in the coming months and years gradually, now may be the most opportune moment to sell or rent your property. However, with such high demand for both sales and rentals, choosing between the two options can be daunting. Each option certainly has its benefits and drawbacks. Although selling may seem like the most instantly gratifying choice, renting for short- or long-term occupancy certainly has unique advantages.
In this guide, we briefly cover the pros and cons of selling or renting out your property and how The Coto Group can help you get the most out of your Coral Gables, Miami Beach, Brickell, Coconut Grove, and Key Biscayne real estate.
Renting vs. Selling: How to decide
Renting and selling are excellent ways to generate income from your home. Although selling can undoubtedly bring in a much more significant amount of money at once and feels more like profiting off your property, renting has its unique advantages.
Pros and cons of selling your luxury Miami property
Pros
- Frees up a large sum of money at once
- You can take advantage of high home prices
- You don’t have any responsibilities as a landlord
- You can use the money from the sale to purchase a new home
Cons
- The selling process typically takes longer than the renting process
- If you are relocating within Miami, finding a new home might be challenging considering the in-demand property market
Pros and cons of renting your luxury Miami property
Pros
- You still maintain ownership of your home and the monthly rental income covers a portion of the mortgages, taxes, HOA fees, and maintenance payments
- It takes less time to find a tenant than a potential buyer
- Short-term rentals are a great way to generate money from a property you don’t want to lose
Cons
- You’ll have to cover maintenance and renovation costs
- You’ll take on the responsibilities of a landlord
- At times, the demand for rentals can be lower than the demand for purchase
- You typically only receive 1% of your home’s worth every month
Today, most real estate markets across the U.S., especially in Miami, are Seller’s markets. Selling is the most obvious first choice thanks to increased prices and demand. And although it may seem like selling your home is the only correct option, the state of Miami’s luxury property market has also made it an excellent time to rent.
With so many homeowners choosing to sell instead of rent, the inventory of properties available for rent is minimal. Many individuals and families who prefer to rent homes instead of buying have thus been left with limited places to go. As the rental property inventory is so limited, the homes that are listed available are typically rented quickly. The decrease in the supply of rental properties, alongside a steady demand for such properties, has consequently led to increased rental prices and significantly higher returns for Landlords.
No matter what route you choose for your Miami luxury property, you will receive the full benefits of the sizzling property market.
Rental options for your luxury Miami property
If you have purchased your Miami home as an investment, it would certainly not be remiss of you to sell now while prices are higher than ever before. However, should you buy a house or condo in Miami to use as a vacation destination or second home, both long- and short-term rentals can be excellent ways to cover HOA, maintenance fees, insurance, and property taxes, while also profiting from the recent increase in rental prices.
Renting out your luxury home as a furnished option during the winter or summer months can be incredibly lucrative while allowing you to enjoy your home when unoccupied. The most popular off-season months for short-term rentals range from November to April when many families from across the U.S. flock to Florida to enjoy warmer weather. In summer, short-term luxury rentals are also typically sold out, especially properties near the beach. If you are not intent on using your property during the whole summer, renting could be a great way to turn a profit in a short time.
Take advantage of the Miami property market at its peak
Whether you are interested in selling or renting your property, the current market is very attractive for a homeowner. However, managing rentals or the sales process alone can be filled with pitfalls and frustrations, which is where The Coto Group comes in.
The Coto Group excels at both sales and rentals. Our specialty is representing best-in-class homes throughout Miami’s luxury coastal neighborhoods. Our dedicated team brings five decades of experience selling and renting upscale properties. We draw on our extensive international network to connect Miami homeowners to a global community of potential buyers and renters. A healthy array of luxury homes and condos is featured among The Coto Group’s exquisite Miami listings. Our average sale price in 2021 was $3.1 million per property, including a record sale of a penthouse at Oceana for $18 million.
By working with our expert team of realtors, you can make the right choice for your lifestyle and goals. What’s more, you can rest assured your home is in the best hands. And, to help you make the most of your property, whether selling or renting, The Coto Group, goes above and beyond in ensuring you receive only the best in each of the following:
ROI maximization
By advising you on your rental and sales options, staging, furnishing, and renovations, The Coto Group can help you get the most out of selling or renting your home, maximizing the return you receive on your property investment.
Whether you want to sell your home or rent out your investment property, our expert team at The Coto Group has the expertise, and connections to make your dreams a reality. To discuss working with us on selling or renting your home, get in touch via email or phone today, and rest assured your property is in the best hands possible.
Marketing
The Coto Group has decades of experience selling and renting properties and utilizes ONE Sotheby’s marketing platform to elevate our services. This way, your property is marketed as widely and efficiently as possible.
Showing
The Coto Group will show your property will confidence and ensure the right potential buyers take the time to appreciate your home.
Negotiations
With decades of experience in the real estate industry, the members of The Coto Group are more than capable of handling negotiations for the sale of your house.
Administration
Suppose you need to contact a mortgage broker or choose a rental price that covers your property taxes and other fees. In that case, The Coto Group can make the admin of owning, renting, or selling a home simpler by connecting you with experts in each of the necessary fields.
Staging
Should you go the sales route, our team can help you find the best interior designers and cleaning services to ensure your home is 100% ready to be viewed by potential buyers.
Renovations
If your home needs some extra attention to get it ready for staging or a rental, our team will be happy to put you in touch with the very best renovation teams in Miami.
Furnishing
Furnished homes are trendy among Tenants in search of a short-term rental. The Coto Group sets you up with stellar designers ready to turn your luxury property into a dream vacation destination.
