Q:

What factors influence the cost and availability of rentals in Hialeah, Florida?

A:

Quick Answer

Rent cost and availability in Hialeah, Florida, and any other area are determined by something called Fair Market. Fair Market is a combination of landlord expenses, demand for housing in a particular area, and size and features of housing.

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Full Answer

The first step that any property owner must take in assessing rental rates is to determine monthly expenses on a piece of property. This includes basic maintenance and upkeep, property insurance and mortgage costs. Next, an owner must assess the value of the property by comparing it to similar properties in the area. Property prices are dictated by the condition of the local economy as well as the desirability of the area in which they are located. The quality of schools, proximity to shopping, dining and entertainment, job availability and community involvement all contribute to desirability of an area.

In addition to desirability, the size and features of a property also play roles in determining how much people will pay for it. In a South Florida location such as Hialeah, features that allow people to enjoy the outdoor environment such as pools or patios raise property value. Other factors that are important are the quality of building materials and how up-to-date kitchen and bathroom features are, as well as the number of bedrooms and bathrooms in a property. Once a property owner knows the value of a property, he must figure out the maximum range prospective tenants are willing to pay that will pay the expenses and still provide a profit at the end of the month.

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