Condo vs Apartment in Miami: The Post-Surfside Math for 2026
Updated 20 May 2026
Miami is the US market where the post-Surfside legal reforms have most reshaped the condo investment thesis. Florida Senate Bill 4-D requires every condo of 3 stories or more to complete milestone inspections and fully fund reserves. Some older oceanfront buildings now carry six-figure special assessments. Newer, mainland, well-reserved buildings remain attractive. Here is how to tell the difference and how the monthly numbers compare to renting.
The Surfside effect (read this first)
On 24 June 2021, the Champlain Towers South condo in Surfside, FL collapsed, killing 98 people. In 2022, the Florida legislature passed SB 4-D, which mandates:
- Milestone structural inspection at building year 30 (year 25 within 3 miles of coast)
- Structural integrity reserve study every 10 years
- Full funding of reserves for major components (no more waivers)
- Condo associations must complete first inspections by December 2024
Consequence: many older Florida condos have raised HOA fees 50% to 100% and levied special assessments of $30,000 to $200,000+ per unit. Source: Florida DBPR rule filings, FS 553.899 and FS 718.112.
Monthly comparison: $625K Miami condo vs $2,950 rental
Assumes 20% down, 30-year mortgage at 7.0%, homestead exemption applied.
| Cost line | Buy | Rent |
|---|---|---|
| Mortgage P&I (30-yr, 7.0%, 20% down) | $3,326 | - |
| HOA fees (median Miami-Dade mid-rise) | $800 | - |
| Property tax (~1.0% after homestead) | $521 | - |
| HO-6 insurance (high in FL) | $180 | - |
| Hurricane / windstorm rider | $120 | - |
| Rent (median Miami 1BR) | - | $2,950 |
| Renter's insurance | - | $25 |
| Total monthly outflow | $4,947 | $2,975 |
Diligence checklist for any Miami condo
Sources: Florida DBPR (Division of Florida Condominiums), FS 718, FEMA Flood Map Service Center, Florida Office of Insurance Regulation.
Other city comparisons
Related: Special assessments explained · How fast HOA fees rise · Retirement downsizer