Should You Buy or Rent an Apartment in Miami?

Miami is the perfect place for many people to live full-time, ripe with a variety of exciting neighborhoods and the opportunity to enjoy downtown Miami nightlife, excellent dining, and other amenities like Miami Beach and Biscayne Bay. 

That being said, with single-family home prices soaring in recent months, it might not be the right time to buy a single-family home in Midtown or Brickell if you’re not completely sure you can afford it. Fortunately, Miami is home to plenty of luxury apartment rentals or condos that are great alternatives to buying a new home in the heart of the city. Especially if you want to live close to Miami Beach or city center, downtown Miami apartments can be a good solution, since you can get into your new home more quickly and be within walking distance of everything that makes Miami so great. 

If you’re weighing the pros and cons of owning a condo or renting in Miami, it’s a good idea to consider what amenities you can get as a renter and where you might be able to live. Here are some things to keep in mind when deciding whether to rent or own in Miami: 

What are the pros and cons of renting in Miami? 

One benefit of renting is that you can generally find a variety of bedroom floor plans to fit your needs. Whether you’re looking to live in Miami Beach, Coconut Grove, or the Design District, it’s possible to find fully furnished apartments in all of these neighborhoods, complete with stainless steel appliances and other amenities such as fitness centers or swimming pools. Renting also means you don’t need to worry if your washer or dryer breaks, since your landlord or management company is ultimately responsible for fixing the problem. 

Many Miami apartments are also close to the best dining options in the area, so if you care about being within walking distance of a variety of cuisines, renting an apartment may be more affordable than finding a comparable home in the area. 

That being said, if you have a dog, you may need to provide proof of breed in order to rent some apartments in Miami Beach and other parts of Florida. Some apartment complexes have different rules about the dog breeds they allow in their units, so if you have a Siberian Husky, German Shepherd, Akita, Alaskan Malamute, Doberman Pinscher, or American Bulldog, you should check to see whether larger animals are allowed in your rental unit before you sign your lease. 

What are the pros and cons of owning an apartment in Miami?

If you want to have a bit more flexibility with the type of dog you own, it may make more sense to own a condo with less strict rules around animals. You can still find condos located near the vast entertainment options Miami offers, and owning a home in Miami also means you’ll have more control over decorating and improving your living space. 

Investing in a home now hopefully would lead to you building equity that you could cash in down the line. However, because the cost of many properties in the United States right now is a bit high due to demand, you may not build as much equity as you think. 

Additionally, owning property anywhere makes it harder to move, so if you are the type of person who likes to be able to pick up and leave at a moment’s notice, renting a luxury apartment in Miami with flexible leasing terms might be a better move for you. Landing offers comfortable, furnished apartments in Miami, along with flexible lease terms that make it easy to move around when the time is right for you. Browse our available apartments in Miami, or contact us to learn more about how a Landing membership works.