Your rent payment in a Brickell condo is likely the largest bill you pay every month. But how much do you understand your lease agreement? How is your rent determined? Could your landlord decide to show your unit for sale if you have a lease agreement for a year?
Rent is a major factor when choosing a place to live. In fact, according to apartments.com, in a recent survey of more than 370,000 renters, 70 percent of renters said the rental rate was the most important factor when choosing an apartment community, just behind location at 75 percent.
The cost of rent is trending up, as well. A recent study by Harvard University found that rent prices rose 150 percent between 2010 and the third quarter of 2019. Accoring to Miami MLS date, in Brickell, Miami, the average rent as of 2020 for a 2 bedroom condo is $3,000 and it has been consistently increasing dispite the large number of available units for rent.
Since rental price is such a major factor when choosing a condo to live in Brickell, let’s break down rent payments.
ARE THERE ALTERNATIVE WAYS TO PAY RENT?
Paying rent with a credit card:
- The benefits to paying with a credit card is the money is applied to your credit balance rather than being deducted from your checking account. However, you run the risk of having interest added to that amount if you don’t pay your credit card bill in full each month.
- Another benefit is that most credit cards offers points and cashbacks that you can use later on to make other purchases.
How do you pay with a credit card if your landlord doesn't take take them? One easy way is to ask your CC company to send you checks, they will probably ask what do you need them for, and your answer should be: "To have them in case of an emergency". Then, pay your rent with that check. Most of the time your landlord don't care where you are paying from as long as you pay.
Remember: If you send a check through the mail, the rent is received when your landlord gets it — not by the postmark. Make sure you take into account the amount of time it will take for your payment to get to your landlord.
IS IT SAVE TO PAY MY RENT ONLINE?
Paying rent online is relatively safe and convenient. In most cases, it’s considered safer than paying by check. When making an online rent payment, make sure the website you use begins with “HTTPS.” The “S” on the end lets you know that your information will be encrypted.
If you want to improve your credit score, ou can pay using e-payment services such as https://www.erentpayment.com/renters.aspx. They report every month to the 3 credit bureous: Transunion, Experian, and Equifax. There are other companies that do the same and I am not endosing anyone here, so do your research! The link above is just an example, not a recommendation.
EMERGENCY! YOU CAN’T PAY YOUR RENT. WHAT ARE MY OPTIONS?
Things happen. A job loss, an illness, or, well, a global pandemic that results in one or both of those things, leaves you without the necessary resources to pay your rent. What are your options?
- Talk to your landlord. It seems a dum advise but believe me, it should be your first option, specially if you have been a good tenant. Shame or/and hope are the ones to blame for not coming forward and talking to landlords. But believe me when I tell you that most of the time, you'll get a break from your landlord, at least in Brickell. I see it all the time.
If you know for sure that you won't be able to pay your rent on time, call your landlord and explain that you are looking for alternatives to pay your rent. Don't wait untli your rent is due and you are already late. In Brickell, most lease agreements have a few days grace period of 3 to 5 days and after that a late fee is applied. However, most landlords will be willing to wave the late fee, at least the first time, if you talk to them ahead of time and you are honest and direct about the situation.
Your landlord might be willing to work with you to establish a payment plan or accept a partial payment. You could also consider getting a roommate to help share the costs. Discuss these things with your landlord and see what they are agreeable to. Most often, if you have been a renter with a history of paying consistently, your landlord might prefer to work with you and keep you as a tenant rather than having to re-rent the space. Make sure you get any agreement in writing. - United Way’s 211.org is terrific resource for anyone struggling with essential needs like housing expenses. The website can help you find resources available in your community. HUD also offers some great resources for renters who might be struggling with rent.
- You can also put your good credit to use and pay with a CC check as I explained above.
WHEN IS RENT CONSIDERED LATE?
Most people believe that "grace period" means that rent is due on the last day of such grace period but it is not.
A grace period is a short time after the rent due date that is given before a late fee is assessed. But even if the rent is due on the first and you have a five-day grace period, the rent is still due on the first — not the fifth.
There is no "mandatory grace period" in Florida as it is in other states like New Jersey for example. So, if you are relocation to Florida and renting in Brickell or Miami in general, be aware that the grace period is optional and, although most landlords in Brickell do offer 3 to 5 days grace period, you should negotiate this if it is important to you.
RENT PRICES: HOW ARE THEY CALCULATED?
Rental price in Brickell is typically determined by the landlords with the assistance of a real estate agent. The factors to considered are:
- square footage,
- the number of bedrooms,
- market conditions,
- competitor rates,
- current occupancy.
We often determine rent by studying rent comps. Rent comps compare similar-sized rentals in the same building and other factors such as parking. In Brickell rent differs greatly between buildings depending on the available ammenities, age, and location of the building. North Brickell is newer and buildings tend to be very luxurious with breath taking ammenities. In South Brickell, most buildings are older and tend to be a bit less expensive. This is not only true for rent prices but also for condos for sale.
COULD MY LANDLORD LIST MY CONDO FOR SALE WHILE WE HAVE A LEASE?
Yes. Your landlord can decide to sale the unit even if your lease agreement is not over. And yes, you must allow showings unless something different has been estipulated in the lease agreement.
But don't panic! The sale must be contingent to the lease agreement. This means that the new owner must honor the terms of your lease, including the ending date. You just will have to make payments to a different landlord until the lease expires. Then, you either move out or sign a new lease with your new landlord as you did before.
Most real estate agents in Brickell Miami use lease agreements provided by the Florida Association of Realtors and approved by the Supreme Court of Florida. The lease have a clause that allow landlords to have access to the property to show it if they need to sell. This clause states:
B. After reasonable notice to Tenant at reasonable times for the purpose of repairing the Premises.
C. To inspect the Premises; make necessary or agreed-upon repairs, decorations, alterations, or improvements; supply agreed services; or exhibit the Premises to prospective or actual purchasers, mortgagees, tenants, workers, or contractors under any of the following circumstances:
WHAT ABOUT THE RENT AMOUNT, CAN THE NEW LANDLORD INCREASE MY RENT?
No. If a unit is sold contingent to a lease agreement, all terms of the lease must be honored for the full term of the lease, including the price. There are laws to protect you and steps that landlords must follow to increase your rent. Here is an article you should read if you are wondering about rent increase.
Understanding your rent — from the initial negotiation to paying online to rent increases — will help you plan your budget, decide if you are paying too much, and help you determine when it is time to move or if you would to consider become a homeowner.
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