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United States · USD

Rentin Miami

Miami residential rentals operate on annual leases requiring background and credit approval from both the landlord and the condominium homeowners association (HOA).

New YorkLos AngelesChicagoAustinSeattle
County records path
HOA & insurance checked
3D map
50state codes — there is no one US market
Titleinsurance, not a notary, protects the buyer
FIRPTAwithholding hits foreign sellers, not buyers
No SSNneeded to take title as a foreign buyer
What a purchase really costs

$750,000 home in Miami

Owner's title insurance (≈0.5%)
$3,750
Lender, escrow & appraisal (≈1%)
$7,500
Attorney, recording & prepaids (≈0.3%)
$2,250
Cash needed at closing
$763,500

≈ +1.8% over the price. There is no national property code. Transfer tax is a city and county question — New York adds a buyer mansion tax above $1m, Chicago charges the buyer 0.75%, Texas charges nothing and takes it back in annual property tax. Since the 2024 NAR settlement, buyer-agent compensation is negotiated in writing rather than assumed from the listing.

Rentals run on rules

The rent side, in three lines

  • Deposit caps, notice periods and eviction timelines are state law — one to two months is common, but New York and Florida are not the same statute.
  • Rent stabilization is local: New York City has it, Miami and Austin sit under state preemption against it.
  • Insurance is the variable that reprices a building — Florida wind and flood can move faster than the asking price.

HOA and condo documents are the yield. Read the reserve study and the special-assessment history before the inspection.

Cities

Six metros, six closing customs

The buyer-side transfer tax is the fastest way to see how local this market is: 1%+ in Manhattan, 0.75% in Chicago, zero in Austin and Seattle where the seller pays instead.

Neighborhoods

Areas in Miami

Premium districts with price anchors, walk and transit scores.

Move-in requirements typically total three months of rent upfront: first month, last month, and a one-month security deposit held in an escrow account. Most condo associations charge an application fee ($100–$250) and take 2–3 weeks for board approval.

Tenants must carry renters insurance (contents and liability). Utility setup includes Florida Power & Light (FPL) and municipal water services unless included in HOA dues.

FAQ

Can a foreigner rent a condo in Miami without a US credit score?
Yes. Landlords typically accept foreign bank statements, international passports, or an additional month of security deposit in lieu of a US FICO score.
How long does Miami HOA tenant approval take?
Condominium associations typically require 10 to 30 days to process background checks and interview prospective tenants.

All markets: sivrce.com · Georgia marketplace: sivrce.ge · Prices and availability are published only when a verified listing exists. Market currency: USD.