Five Affordable Downtown Miami Rentals

In a recent Daily Business Review article, experts believe that rental rates in Downtown Miami are on the rise.  Harvey Hernandez, Managing Director, Newgard Development Group, stated that with the population influx in this part of Miami, the booming neighborhood is “not going to have enough product to cover the demand." Hernandez said based on predictions for a population influx in central Miami. He further stated that he anticipates the rental rate per square foot to jump from the current $2.25 to $2.50 to about $3.25 which is aimed at “the professional who wants to be centrally located," he said.

When comparing rentals, two and three bedroom units are a better value when looking at the price per square foot.  With that in mind, it is still possible to find a great, roomy Downtown Miami rental with over two bedrooms in a well sought-after condominium.  Here are five condominiums with two-bedroom residences for well under $3.00 per square foot.

The Loft Downtown, 234 NE 3^rd Street.   Located in the heart of Downtown Miami, The Loft Downtown is a Related Group project built in 2005.  It is within walking distance to everything so that you can virtually park the car and walk everywhere which is ideal for those who work Downtown and in Brickell.  With only nine units have an urban loft-style design with exposed walls and pipes they are pre-wired for high-speed internet and cable TV access as well as have modern fixtures and finishes energy-efficient and impact resistant sliding glass doors and windows, and nice size balconies.  Community amenities include a pool with thermal waterfall, Feng Shui seating areas, tea garden and convenient juice bar fully-equipped fitness center and 24-hour concierge.  In terms of rental rates, the prices start under $2 per square foot and climb to just under $3 per square foot with monthly rentals falling between about $1,500 and $2,200 per month. 

Available Downtown Rentals

The Loft II Downtown, 133 NE 2^nd Avenue.  Another condominium situated just around the corner from its sister building and built in 2007 is the Loft II Downtown.  This condominium is slightly larger than the other with 36 stories and 495 residences.  Not only is it close to everything, it has a MetroMover stop right in the building making it easy to move through Miami without a car.  It has a loft-style design in each residence with room to move and updated fixtures and finishes along with high-speed internet, cable TV access and balconies with beautiful views.  Community amenities are similar to its sister property with a pool, state of the art fitness center, 24-hour concierge, and a gated-access garage.  Rental rates for two-bedrooms fall within the $2,000 to $2,500 range.  Additionally, rental rate per square foot for two-bedrooms skirt the $2 per square foot range.   

One Miami, 325 Biscayne Boulevard.  One Miami is a Downtown Miami landmark that features 896 units on 44 floors.  With 11 floor plans offering studios, one, two and three-bedroom units, the location of One Miami offers amazing views of the city, South Beach, and water views.  Inside each unit, you can expect to European kitchen cabinets with stainless steel sinks and granite countertops along with imported tile in the kitchens and bath, and impact resistant glass doors and windows that lead out to balconies with amazing views.   Additionally, residents have access to wonderful pool with tropical landscaping surrounding it, a fitness center with state-of-the art equipment, assigned parking, 24-hour valet, security, concierge and housecleaning, and a lot more.  As for rental rates, one and two, and three-bedroom residences fall between about $1,600 and $4,500 per month.  As a comparison, for the most part, the price per square foot for One Miami rentals ranges from about $2.10 to $2.75 with a handful about $3 per square foot. 

Opera Tower, 1750 North Bayshore Drive.  As a slightly more expensive condominium when comparing on a price per square foot basis, it does not get much better than Opera Tower rentals.  Situated just across the street from Margaret Pace Park and Biscayne Bay, this is a luxury condominium in the truest sense of the word.  Inside there are studios, one and two-bedroom units available for rent with rental rates falling between about $1,600 and just over $3,000 with sizes ranging from about 500 square feet and just over 1,000 square feet.  Inside each residence, tenants enjoy beautiful kitchens with granite countertops, stainless steel appliances, and custom European cabinetry as well as spacious living areas, pre-wiring for digital satellite cable and high-speed internet access and floor-to-ceiling solar tint sliding glass doors that lead out to spacious wraparound balconies.  In terms of price per square foot, two-bedrooms offer the most value starting at $2.35 per square foot while studios may hit $4 per square foot.

Downtown Miami Rentals

50 Biscayne, 50 Biscayne Boulevard.   Located just across the street from Biscayne Park, 50 Biscayne is a gorgeous condominium with beautiful views and lots of restaurants and activities within a block or two.  Inside each residence, there are floor to ceiling glass windows that lead out to large balconies, large living rooms, large master bedrooms with walk-in closets, Smart Building wiring, large kitchens with plenty of counter space, custom cabinets and high-end stainless steel appliances, and more.  As for community amenities, tenants have access to a two-story fitness center, two-story club room, resort-style pool, high-speed elevators, 24-hour concierge, valet and security, and more.  Monthly rental rates range from about $1,600 to over $4,000 with price per square foot falling between about $2 to about $3.75 for a studio.  Like most other rental properties, two bedroom rentals offer the most value when comparing units on a price per square foot basis.

Rental Rates Will Climb

With downtown rentals, experts and developers see the potential with rental properties and are in a development mode with new construction throughout all of Miami.  They also indicate that they expect Downtown Miami rental rates will climb.  When comparing Downtown Miami rentals as well as those in other parts of this tropical paradise, looking at them on a price per square foot basis provides an accurate comparison. 

If you are thinking about renting in one of the Downtown Miami condominiums, now is the time to get serious.  Check out some of the units in one of these buildings as well as others. 

Most Affordable Downtown Miami Rentals

When it comes to affordable rentals, Downtown Miami is a neighborhood that is full of them.  Those who want to be in the thick of the excitement while not spending a ton of their budget on rent can feel secure that Downtown Miami has great condominiums filled with units to fit every rental budget.  To give an idea as to the affordability, here are the most affordable Downtown Miami rentals:

555 15 ST #515, Venetia, Monthly Rental Rate:  $1,375

What could be nicer than sitting out on your balcony overlooking the marina and Bay while enjoying your morning coffee?  That is exactly what you can do when living in this lovely studio at the Venetia.  Marble tile floors and a nice size kitchen with granite counter tops and cabinets are just a couple of the highlights.  There is a lot of closet space which includes a walk-in as well as other closets.  In addition to everything in the unit, the community amenities include a restaurant, gym, 24-hour security and two pools.  Take all of that and add location to the pack and you have the perfect place to live.  Venetia sits just north of the Venetian Causeway making the drive over to Miami Beach short and sweet just like getting to Brickell, the Design District and Edgewater.  Over the past three months, seven units have rented of which only one was a studio.  The monthly rental for this unit (same size) is $1,300 and took a little over a month to rent.  One-bedrooms that rented ranged from $1,500 to $2,000 per month.  If you like easy access to everything in Miami and want one of the best views, then this unit is ideal.

231 NE 19 ST #102, Baywalk, Monthly Rental Rate: $1,400

It does not get much better than this with one-bedrooms in the Downtown area of Miami.  Not only is Baywalk centrally located close to the Bay, cool neighborhoods like Edgewater, Design District and even Brickell, it is oh so close to direct access to Miami Beach.  Then taking everything in on the inside makes it even better where the unit is custom designed with a large kitchen comprised of granite counter tops, custom cabinets (lots of them too) and lots of room to move.  Additionally, the flooring is marble throughout and there are so many unique fixtures and finishes as well as a walk-in closet with shelves and washer and dryer that residents truly find themselves living in the lap of luxury.  Baywalk is a small, boutique condominium that has a ton of character with its classic Florida design and exclusivity with its updated look on the inside and in each unit.

1717 N Bayshore Drive, #1248, The Grand, Monthly Rental Rate:  $1,400

An ideal vacation spot in Downtown Miami, this is a one-bedroom, one and a half bath unit at The Grand which is part of the Doubletree Hotel. It is rented fully furnished and has a lot of open space within the 700 square feet.  There is a roomy kitchen although as part of the Doubletree Hotel, there are restaurants on the ground floor as well as throughout the downtown area.  Guests have the ability to enjoy hotel amenities including the fitness center, resort pools, spa and everything else. Inside the unit, enjoy free-Wi-Fi, cable and a reserved parking spot in addition to everything else.  Even though it has one bedroom, it sleeps five with the addition of a pull-out sofa bed, two cots and a futon.   The unit is a short-term rental allowing only nightly, weekly and monthly rentals (no annuals).  Rental rates start between $175 and $375 per night ($95 exit cleaning fee) depending on the time of year.   While there are several other one-bedroom units at The Grand, this is the most affordable property in the building.

1801 4^th Avenue, #303, Ivette Terrace, Monthly Rental Rate:  $1,475

Here is an opportunity to lease a lovely one-bedroom unit at Ivette Terrace just one block off Biscayne Bay.  There are so many unique characteristics here specifically gorgeous Mexican tile floors throughout and beautiful oak moldings and doors.  There is also an all-white kitchen, French doors, a lot of closet space, a nice wrap around terrace, reserved parking and an amazing bathroom with an intricate Mexican tile design on the floors and walls.  Ivette Terrace is close to everything in Downtown Miami including Margaret Pace Park and the Performing Arts Center not to mention being close to the Design District and up and coming Edgewater.  As one of the most affordable Downtown Miami rentals, it is ideal for those who live and work in Downtown, Brickell, or Midtown Miami. 

133 2^nd Avenue, #308, The Loft Downtown II, Monthly Rental Rate:  $1,500

As trendy as Miami is to live, loft living brings another level to the cool factor with all of the unique characteristics and potential that a loft apartment brings. This unit is a fantastic one-bedroom unit with a great kitchen loaded with Italian white kitchen cabinets, stainless steel appliances, and tons of counter space.  In addition, there is a nice modern bath, large closets, a washer and dryer and other fixtures and finishes that give this place an updated, hip feel.  On top of the unit itself, the community amenities are fantastic and include a rooftop pool, gym with sauna and Jacuzzi, a lap pool, contemporary-designed lounge room, and 24-hour security and concierge. The Loft II is centrally located within minutes of everywhere anyone wants to go like South Beach, Coconut Grove, Gables, Brickell, Design District, and Airport.  Over the last three months, 14 one-bedroom units have rented with rates falling between $1,500 and $1,800.  As a comparison, three recent studio rentals had monthly rental rates $1,550 and $1,650 which were gobbled up within a month or less.  Not only is this the most affordable one-bedroom unit available at the Loft Downtown II, it is the most affordable available unit in the entire building. 

Lots of Rental Options

Downtown Miami is a great place to settle when looking at living in Miami and offers lots of rental options.  From quaint and unique small condominiums to large, newly built buildings, Downtown Miami rentals should be at the top of the list of possibilities because this is an area where residents can truly get affordable luxury.