Having recently listed for rent a 2 bedroom Loft at Infinity at Brickell it was truly amazed at the response I got from multiple renters calling to see the unit.  I must have shown this unit at least 3 times everyday for the past 2 weeks.  Received a number of offers, some really low and some very good but where bad credit became an issue.  Finally unit rented and Landlord is very happy with the tenant, but I still continue to get calls on the unit and I am not the only one.  Speaking with other agents we are finding that rentals in Brickell are going under contract in record times, there are some specific buildings were it is only taking days!  Well I can tell you the reason is not the lower rents, as a matter of fact rental prices have increased all across the board.  Last year I rented units in Brickell on the River- South for under $1400  per month for  1 bedroom units, today they are renting for $1600 and getting multiple offers…..sometimes it’s hard to explain this to clients they can’t understand how the unit could have gone under contract from one day to the next but it is happening.   I could probably come up with a number of reasons why rentals in Brickell have become such a high demand commodity but in my opinion there are four main factors;  (1) prior homeowners that have either sold or lost their property and now need to rent (2)Economy forcing some people to downsize (3) location, people moving closer to jobs/decrease in commute time (4) students and corporate transfers.

According to a national housing survey conducted by Fanny Mae over 3,400 Americans – including homeowners, mortgage borrowers, renters, underwater borrowers, and delinquent borrowers – shows that Americans have a mixed outlook for housing and home ownership.  Apparently  Americans are embracing a more balanced and realistic approach to the housing market and many believe it has reached bottom, however some are still a bit reserved on taking risk and would consider renting as an option.

Granted this quick rental does not apply to every unit on the market, I have seen properties sitting on the market for over 60 days and for a rental this is terrible, specially if the Landlord has a mortgage on it.  This typically will occur when the unit is overpriced compared to similar units that have rented in the building, if you as a Landlord expect to get more money than the average rental price for that type of unit, there better be something special  in that  unit that can justify it.   Many renters and buyers alike do their homework and check online to make sure they are not overpaying.  My goal as a Realtor is to sell it/ rent it fast, the longer it sits on the market the worse it is for everyone in the long run.