Considerations for Becoming a Landlord

Florida is full of residential real estate that appeals to those wanting to invest in rental property. Doral real estate is no exception. In Miami-Dade, Doral is full of affordable properties that make for excellent rental property and is on a huge upswing in terms of residential developments in the works and under construction.

Being a landlord can be very profitable but involves many responsibilities.  Here are a few tips to follow if you are considering becoming a landlord:

Vet Potential Tenants. Remember the old saying “Don’t judge a book by its cover?” Too often, novice landlords look at the appearance of potential tenants and make a snap decision on leasing property to them. It is important that even they have the most attractive, well-kept look (or the grungiest for that matter), you do a full background check on potential tenants to ensure you have a successful relationship with the people who lease your Doral condominium or home.

Follow the Rules. Just like with any other legal agreement, it is very important to follow the rules.  There are strict Florida tenants’ rights in place to which landlords must adhere.  This applies to anti-discrimination laws, disclosures, eviction rules, and more.

Provide a Detailed Checklist.  A checklist of everything in the rental property should always be given to your tenant upon signing a lease.  Ask your tenant to go over each every item on the list to make sure there are no issues.  The list should include any imperfections like a stain on the carpet in a bedroom.  At the end of the lease, once the tenant has vacated the property, go through the same list to check each item once again.  If there are any issues that were not present at the beginning of the lease, you can address them with your tenant and come up with a plan to correct them.  This helps to validate retaining any portion of the deposit. It is important to take into consideration normal wear and tear that comes with living there.

Always Have a Current Lease in Place. If you keep a current and detailed lease in place, you can avoid a ton of problems down the line.  The lease should lay out every facet of the lease in terms of when and how much to pay, responsibilities of each party, lease termination, etc.  The Florida Bar provides a detailed lease agreement (and other forms) for landlords to use as their agreement with tenants. Another suggestion is to use an attorney who is very familiar with Florida real estate laws.

Fix What Needs to be Fixed. One of the most important parts of a good landlord-tenant relationship is honoring the lease agreement.  If something for which you are responsible breaks or quits working, get it repaired or replaced.

Respect Your Renters’ Rights. One of the biggest parts of being a landlord is respecting your renters’ rights.  In Florida, there is a set list of tenants’ rights (Florida Statutes at Part II, Chapter 83, Florida Residential Landlord Tenant Act) that landlords must follow.  In particular is the right to privacy.  Even though landlords have a right to enter the property, they must give adequate notice to their tenants prior to entering the leased property. In Florida, the law states that 12 hours is adequate notice but many landlords suggest usually 24 hours is considered adequate.  This includes when making repairs or replacements.

Know the Appropriate Steps for Eviction.  No one wants to deal with an eviction but it can happen.  When dealing with an eviction, it is best to consult with an attorney to ensure that every step is followed to the letter of the law.  There have been many instances where shortcuts were taken or steps were omitted that delayed the eviction process sometimes extensively.  

Work with a Licensed Broker.  A lot of Florida real estate brokers have a property management department in their offices who work with rental investors.  Property managers are typically well trained in the rental process and can help to ensure that you have a positive experience. The fee involved is usually worth its weight in gold. This is always a good idea especially if you are unsure about the details of the rental process not to mention manage the properties.  

Follow These Steps

There are so many opportunities to buy Doral condominiums, townhouses and single-family homes for the purposes of rental investments, and most tenants hold up their end of the agreement without any issues.  But as with any kind of agreement, there are those who turn out to be not so great.  

With the right process in place, hopefully, you will get lucky and have tenants who go above and beyond to treat the residence as if it was their own. When you hit the jackpot with a great tenant, you want to do everything to keep them happy.   

Price Per Square Foot for Doral Rentals About Half of Brickell’s

As rental rates in Brickell, Edgewater and the surrounding neighborhoods climb, it may be time to start looking west – west towards Doral that is.  Doral real estate is in the middle of an explosion with new communities under development and construction.  Communities like CityPlace Doral, Midtown Doral, and more in the works, Doral is quickly becoming a more appealing alternative for renters. 

In an October article in The Real Deal, Miami real estate developers and experts predict that increases in rental rates are inevitable. Young professionals are flocking to the Miami hotspots in search of living in the middle of all of the action.  Developer Fernando Levy Hara, the brains behind up and coming Crimson Condominium in Edgewater anticipates that rental investors should be able to garner over $2,600 per month for a one-bedroom and as much as $4,000 per month for a two-bedroom based on what comparable rentals are bringing in.  According to the article, the developer is guaranteeing $3 per square foot for units at Crimson leased through his mckafka Development Group. $3 per square foot!

Another major developer,  Harvey Hernandez, Managing Director, Newgard Development Group which is developing Brickell House and Centro, stated in the article that the “rise in rental rates is being driven by a limited supply of rentals and an influx of young professionals moving to Miami’s urban core, which includes Brickell, downtown Miami, Edgewater and Midtown.”  

To give you a comparison of what you get in Doral for the same amount, let’s use a study mentioned in the article that stated “the average monthly rent along the Biscayne Corridor – which includes Brickell, downtown Miami, Wynwood, Midtown and the Design District – rose from $2,250 in January to $2,675 in October.”  Doral rental properties fetching $2,600 per month may be a little further from the action in terms of their distance from Brickell but deliver more room and more amenities.  Here is a sample of what you get in Doral for about the same monthly rental rate. 

The Reserve at Doral, 74^th Street at NW 107^th Avenue (EAST)/74^th Street at NW 114^th Avenue (WEST).  Divided into two sections, the Reserve at Doral consists of three and four-bedroom townhouses with square footage ranging from just under 2,000 square feet to almost 2,300 square feet.  Kitchens are loaded with stainless steel appliances, granite counter tops and contemporary custom cabinets.  Master bedrooms have his and hers walk-in closets in addition to the master baths with his and hers vanities.  Each section has its own clubhouse and pool along with fitness and other amenities.  The location is ideal with easy access to the major thoroughfares and a quick drive to golf and shopping.  Rental rates typically fall between $2,500 and $3,000 as the rentals currently available do.  When you compare the price per square foot, the Reserve at Doral rentals feature price per square foot is well below $2 – falling between $1 and $1.30.  Talk about more bang for your monthly buck!

Vintage Estates/Vintage Place, NW 107^th Avenue.  A brand new neighborhood located in the heart of Doral, Vintage Estates and Vintage Place have single-family homes for rent throughout the entire neighborhood.  Vintage Estates is a new exclusive neighborhood with Mediterranean style architecture throughout the design along with tons of upgrades and amenities.  In each home, renters can find state of the art kitchens with all the brand new bells and whistles.  The fixtures and finishes make this a dream home to rent.  As for amenities, it has all the stuff that everyone wants – a pool, clubhouse, landscaping and more.  For rentals with monthly rates between $2,500 and $3,000, the square footage for homes ranges between about 2,200 and 2,500 square feet.  This means that the price per square foot starts these homes is at about $1.00 and goes up to about $1.40.  Vintage Estates rentals are very affordable and a top consideration when looking at renting in Miami-Dade. 

About Half the Price Per Square Foot

In addition to Vintage Estates and the Reserve at Doral, other Doral rental properties feature prices per square foot at the same level -- $1.00 to $1.50.  Essentially, for about half the price per square foot, Doral rentals equate to a brand new single family home or lovely townhouse rather than a one or two-bedroom condominium residence with only about 1,000 square feet in Brickell.

Suddenly, a 15-minute drive to Brickell is not so long! Something to think about, huh?

Most Affordable One, Two, and Three-Bedroom Doral Rentals

We love to promote the fact that Doral rentals are much more affordable those in other areas of Miami-Dade County.  Even with several new communities under construction, the rental rates continue to stay at a realistic level that is reasonable.  Here are the most affordable one, two, and three-bedroom Doral rentals:

One and Two-Bedroom Doral Rentals

There are not as many one or two-bedroom Doral rentals on the market as larger rentals with three or more.  Most people that come to live in Doral are in the professional sector and need a larger living space for their families.  With those that are available for rent, the monthly rental rates fall between about $1,100 at Doral Gardens and $2,500 at the Blue Resort and Doral Isles.  Doral Gardens offers the most affordable one and two-bedroom rentals in Doral. 

Doral Gardens is a gated community comprised of apartment homes that have open living spaces, large kitchens and spacious bedrooms.  It is situated very close to Trump National Golf Course as well as Miami International Airport and the main thoroughfares in and out of south Florida. 

If you are interested in an affordable one-bedroom Doral rental, here are a couple of options:

Available Doral Gardens Rentals

4340 NW 79^th Avenue, Apartment, #2B, Doral Gardens, Monthly Rental Rate: $1,150

5221 Geneva Way, Doral Gardens II, #204, Monthly Rental Rate:  $1,175

As for the two-bedroom rentals, here are the two most affordable two-bedroom rentals:

4650 NW 79^th Avenue, #2G, Doral Gardens, Monthly Rental Rate:  $1,350

4260 NW 79^th Avenue, #1A, Doral Gardens, Monthly Rental Rate:  $1,400

Three-Bedroom Doral Rentals

Currently, there are over 130 three-bedroom Doral rentals with rates falling between about $1,700 at the Islands at Doral and $4,000 at the Blue Resort.   Three-bedrooms range from units in condominium buildings to townhouses in more upscale neighborhoods.  Following are a couple of the most affordable three-bedroom Doral rentals:

Available Rentals at the Promenade Shores at Doral

11202 NW 83^rd Street, #105, Promenade Shores at Doral, Monthly Rental Rate:  $1,699

This is a fantastic three-bedroom, two bath unit on the first floor. It offers residents a wonderful and spacious kitchen with tons of cabinet space, tiled floors and stainless steel appliances.  Additionally, the unit is equipped with a washer and dryer.  The community amenities are plentiful and include a clubhouse with fitness center and great outdoor pool area, security and tennis courts.  Promenade Shores at Doral is situated in an ideal location close to schools, highways, shopping and Doral’s championship golf courses. 

Available Rentals at the Courts at Doral

6670 NW 114^th Avenue, #604, The Courts at Doral, Monthly Rental Rate:  $1,700

This unit features three bedrooms and two baths under almost 1,300 square feet with amenities like a large kitchen with tons of counter space and cabinets as well as accordion shutters, a washer and dryer, large balcony and more.  The community is ideal for families with a pool, playground, and clubhouse.  It is also close to the area’s top schools, shopping, restaurants and golf courses.  

Affordable Luxury

One thing on which Doral prides itself is the fact its real estate market offers affordable luxury.  With so many neighborhoods in the works and more rental communities under construction, Doral rentals will accommodate the needs of most every renter who plans to spend extended time in Doral or is not ready to buy property.  Take time to look at the available Doral rentals to find what fits your needs.

Top Five Doral Rentals Under $5,000

If you are heading to South Florida for an extended amount of time due to business, school or other commitments, Doral is a city close to Miami that offers luxurious homes at an affordable amount.  In fact, it is common to find large estate-style homes in Doral that have very reasonable rental rates attached to them.  Here are the top five Doral rentals under $5,000 (only one is under 3,000 square feet):

4570 NW 93^rd Doral Court Circle, Doral Estates Villas, Monthly Rental Rate:  $5,000

As an established neighborhood, Doral Estates is at the upper echelon of Doral real estate.  This home is no exception.  With its unbelievable golf course and lake views, this is definitely an executive home that stands out from the pack.  It recently went through an entire remodel and has a luxuriously contemporary look to it with clean lines, tons of space and spectacular fixtures and finishes.  This four-bedroom, three-bath home is bright and open offering almost 2,600 square feet of space that feels larger.  Exquisite features include 24”x24” marble tiles throughout the home as well as high ceilings, custom-built closets, a newly updated contemporary, gorgeous kitchen and so much more.  This is the perfect place to land if you expect your home to be on par with the ultimate in luxury.  Inside and out, this home is just perfect.  As one of Doral’s most exclusive neighborhoods, Doral Estates rentals do not come available easily.  This home is one of two rentals currently available and is listed as an annual rental with the option of renewing.

10849 NW 73^rd Street, Doral Isles St. Croix, Monthly Rental Rate:  $4,990

There is nothing quite like living in Doral Isles.  As another exclusive Doral neighborhood, it is like living at a five-star resort.  The community amenities are unlike anything you will ever see in most neighborhoods with the homes just as spectacular.  This home features new baths and a new kitchen with a truly contemporary feel, stainless steel appliances and everything else that makes it amazing.  With five bedrooms and four baths under almost 3,200 square feet, this home is a great place to live in Doral Isles.  The Doral Isles community amenities has top-notch amenities like a fabulous pool with water falls, a playground kids dream of having, community soccer fields, a huge clubhouse with gym, and 24-hour security patrol.  This is a neighborhood where rentals are scooped up as quickly as they are listed. 

View All Doral Isles Rentals

6852 NW 113^th Court, Doral Isles Mediterranea, Monthly Rental Rate:  $4,900

This is a gorgeous 3,700 square foot Mediterranean-style executive home in one of Doral Isles’ most prestigious communities – Mediterranea.  It features six bedrooms, three and a half baths in addition to a large gourmet kitchen with granite counter tops, stainless steel appliances (double oven!), and tons of cabinet space.  On top of this, it has custom closets, marble and hardwood flooring, exquisite details and finishes and so much more.   Doral Isles has so much to offer in terms of amenities including the amazing pool, clubhouse, playground, landscaping and so much more. This home is available unfurnished on an annual basis which gives you the chance to give it your touch. 

11213 NW 71^st Terrace, Doral Isles Venetia, Monthly Rental Rate:  $4,800

Doral Isles is a large community with a broad range of homes.  Another neighborhood with beautiful homes is Venetia.  This neighborhood plays host to, hands down, the best community pool in Doral as well as a great clubhouse with fitness center, green areas with playground, running trails, and more.  Oh, and the fact that is gated with 24-hour security is not bad either.  Inside the 3,500+ square foot home, there are five bedrooms and four and a half baths as well as a butler’s pantry and a huge kitchen fully equipped with stainless steel appliances, granite counter tops and a kitchen island to make preparing meals that much easier. Rooms are large and spacious with lots of finishes to give this executive home more character.  Outside, enjoy a spacious patio with pavers along with beautiful landscaping.  This home is listed as an unfurnished, annual rental with renewal options.  

View All Doral Isles Rentals

10773 NW 73^rd Terrace, Doral Isles St. Croix, Monthly Rental Rate:  $4,600

Situated on at the end of the street in Doral Isles St. Croix, this amazing house has so much to offer.  To begin outside, it features a huge brick paver driveway that accommodates an extra vehicle or boat, or simply makes backing out of the three-car garage a breeze.  From there it features five bedrooms and three baths under about 3,200 square feet along with lots of open living area for a large family and beautiful finishes that give this home its unique character.  As for extras, there is an alarm system with security cameras, high-end washer and dryer in large laundry room, and a great backyard area that is ideal for entertaining.  Like the others, this one is listed unfurnished on an annual basis. 

Affordable Luxury

Doral rentals offer residents affordable luxury.  Think about it!  You can live in a home that is on par with what the type of home in which you are used to living.  It makes perfect sense to look in neighborhoods like these in Doral rather than closer to the Bay where the rates go up and the square footage goes down.