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Michael Gorey Real Estate SOFLO / REMAX Advance Realty

Rentals: Running Them Like a Business

  • Michael Gorey
  • Oct 1
  • 2 min read


Modern indoor space with large palm trees, white sofas, and wooden furniture. Sunlit room with glass walls, creating a tropical ambiance.

✅ My Recent Client Successes

Over the past few months, I’ve helped several South Florida homeowners—most of whom had no prior rental experience—successfully rent out their condos and single-family homes.

We worked together to:

  • Define rental goals and criteria

  • Price properties effectively against market competition

  • Find qualified tenants who matched income and credit requirements

  • Put strong leases in place for stability and protection

The takeaway? Renting is not just passive income—it’s owning and running a business.

🔑 The Business of Being a Landlord

To succeed as a landlord, you need the same mindset as any entrepreneur:

  1. Know Your Market – Understand rent levels, neighborhood demographics, and demand.

  2. Offer a Great Product – A clean, well-maintained property attracts the right tenants.

  3. Price Effectively – Too high, and you sit vacant. Too low, and you lose income.

  4. Customer Service Matters – Tenants are your clients. A responsive, fair landlord creates stability and longer leases.

  5. Stay Involved – Rentals are not “set it and forget it.” Every successful property needs ongoing attention.

📊 South Florida Rental Market Snapshot

Metric

Current Trend

Rent Growth

Miami rents up ~2.6% year-over-year

Vacancy Rate

5.8% in Miami (lower than national 6.8%)

Average Rent

U.S. average $1,640 (up 0.9%)

Sources: Miami Realtors, Apartments.com

✅ Pros of Renting

  • Steady income stream while keeping ownership

  • Great option for paid-off homes or low-rate mortgages

  • Tax advantages (depreciation, repairs, maintenance)

  • Flexibility with short- or long-term leasing

⚠️ Cons / Challenges

  • Vacancies and turnover costs

  • Tenant management (late rent, repairs, complaints)

  • Ongoing property maintenance

  • Legal compliance and condo/HOA rules

🚀 Bottom Line

Renting isn’t for everyone—but for many South Florida homeowners, it’s a powerful strategy to generate income, preserve equity, and maintain long-term flexibility.

With the right planning and guidance, your property can operate like a business asset that delivers consistent returns.

📞 Michael GoreyRE/MAX Advance Realty

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