Miami landlords — are you pricing for maximum rent or minimum vacancy right now?

Nadlan | @nadlan-management

Nadlan

Miami, Florida

4 Posts Total

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in Miami, Florida

Posted 1 Week Ago

4 Posts Total

We're seeing an interesting problem in South Florida lately.

Some owners are still focused on getting the highest possible monthly rent because they're comparing today's market with what their unit rented for during a stronger period. But if asking a little too much causes the apartment to sit for several extra weeks, the math can go the wrong way pretty quickly.

We manage rentals in Miami-Dade and Broward, and I've become much more interested in total annual income than bragging rights over the monthly rent number.

I'm curious how other landlords are handling this right now.

When you're between tenants, how quickly will you reduce the asking rent if activity is weak? Do you have a set timeframe, or do you adjust based on calls, showings and applications?

Nadlan