If you’re a first-time renter in Florida, you might have many questions. For example, how does a lease agreement work? And what are the state’s security deposit rules? In this post, we’ll look at how to navigate Florida’s unique rental market.
Research Rental Rates in Florida
Your first step should always be to research the state’s market and see its current rates. Across Florida as a whole, the median rent is $2,419 per month. According to Zillow, this is $419 over the country’s median.
However, each part of the state has its own average prices. Bartow, Monticello, and Jacksonville are some of the more affordable areas. You may not have much control over exactly where you end up. You can still find a good deal by checking your county, town, or city’s rates.
The time of year you look for a rental can also affect prices. Winter months generally have lower demand from renters, meaning landlords are more likely to lower their rates. As Florida tourism peaks in winter, short-term stays might stay quite expensive.
Your Budgeting Considerations
The general rule for renters is to spend no more than 30% of their income on living expenses.
However, Moody’s Analytics CRE found this was next to impossible in Florida. At the end of 2022, the state’s average rent was 32.6% of the average Floridian’s income. Florida’s rates are slightly lower now, but it’s still a high-rent-burden state.
If you choose a cheaper area, it might have a higher crime rate. Landlords are then more likely to require rental insurance. You may think it cancels your savings, but rental insurance could be as low as $12 monthly.
Florida’s Security Deposit Rules
Each state has its own security deposit laws. In Florida, there’s no maximum deposit for renters. States usually keep it to 1-2 months of rent. If a landlord charges more than that, they’re most likely taking advantage of you.
Under Florida’s deposit laws, you’ll get the money back with interest. Your landlord has 15 days to return it, 30 if they make a deduction. They’ll have to explain why, and you’ll have the chance to contest their claim.
Necessary Rental Documents
As a first-time renter, you might need time to gather certain documents. These will be necessary to prove who you are and your ability to be a tenant. Here are seven key requirements for most Florida tenancies:
- Completed rental application: Don’t leave even a single part of your rental application blank. If a landlord spots this, they might deny you right away.
- Proof of identity: You must prove your identity before becoming a tenant. You can use a passport, driver’s license, birth certificate, or any other valid ID card.
- Proof of income: Collect payslips and get a redacted copy of your bank statement. You must show the landlord you can make regular rent payments.
- Credit check: Similarly, your landlord will ask for your credit score. They may even run a check directly. A poor credit score could jeopardize your application.
- References: You’ll usually need to bring two references. One can be from someone who knows you personally. The other should be from your employer.
- Rental history: Don’t worry if you don’t have any rental history. Just be upfront; very few landlords would deny first-time renters outright for this reason.
- Co-signer details: Many rentals require co-signing, where someone else is responsible for your unpaid rent. Landlords often include this for first-time renters.
Negotiating a Fair Contract
First-time tenants have relatively little bargaining power. However, knowing your rights (and the state’s market) can still help you. Be direct if you know the landlord is charging more than a local rental’s worth. They might agree to extra amenities even if they don’t lower the price.
If you know you’ll stay long-term, consider a two-year lease. Your landlord will get the security of a long-lasting tenant. You’ll also be free from next year’s rent increase.
General Landlord Duties
Speaking of your rights, you should also know a landlord’s main responsibilities. Landlords must maintain the property’s plumbing, roof, windows, foundations, and exteriors. In addition, Florida property owners should:
- Keep common areas safe and clean
- Get rid of rats, ants, mice, and other pests
- Keep the water and central heating running
- Provide tenants with garbage bins
Regarding access, landlords can enter at any time to protect the property. Otherwise, they must give you 24 hours’ notice. In an emergency (or if you give consent), they can simply enter.
If your landlord doesn’t fulfill their duties, notify them in writing. You’d be in your rights to end the contract as a result.
Conclusion
In many ways, Florida’s rental market is just like any other state. However, you should be aware of the state’s relatively high prices and loose security deposit laws. Even for your first rental, you still deserve a fair contract.
