You bought a condo in Miami as an investment. The rent was supposed to cover the costs and leave a little over. But from one year to the next the association dues — the HOA — jumped, a special assessment you never saw coming landed, and the insurance doubled. Today the property that was meant to pay you costs you money every month. You're not alone: this is exactly what happened to a large share of Miami condo owners since 2020.
This note explains, with numbers, why HOA dues and insurance in Miami soared, by how much, and one point almost nobody tells you before you buy: all of this is paid by the owner, not the tenant.
How much Miami HOA fees have risen
The median condo HOA fee in Miami-Dade went from US$567 to US$900 a month in five years — a jump of roughly 60% — according to market data compiled by local brokers. Across the board, HOA dues in the area rose between 40% and 55% since 2020, and in the oldest buildings — especially the pre-1990s oceanfront towers — the increases reached 50% to 100%, or outright special assessments.
Why they soared: the post-Surfside law
The turning point was the collapse of Champlain Towers South in Surfside in 2021. In response, Florida passed SB 4-D, which changed the rules for older buildings: it requires periodic structural inspections (milestone inspections) and, above all, full funding of real reserves for major repairs.
Previously, associations routinely voted to waive those reserves to keep dues low and artificially attractive. Champlain Towers South had its reserves at 7% of what was needed the day it fell. That practice is now illegal for structural components, and the cost of catching up — years of unfunded reserves — lands all at once on today's owners. A later 2025 law (HB 913) gave some breathing room by extending deadlines, but it does not remove the underlying obligation.
Special assessments: the hit that isn't in the monthly fee
On top of the higher monthly dues come the special assessments that finance the repairs the reserve doesn't cover. The ranges being seen in the market:
- Minor repairs: US$5,000 to US$15,000 per unit, spread over 12 to 24 months.
- Concrete restoration, waterproofing or roofing: US$30,000 to US$75,000 per unit.
- Some older Brickell and Edgewater towers: assessments of more than US$100,000 per unit.
The owner signs that check. There is no way to pass it on to the tenant mid-lease.
And insurance, which also soared
At the same time, insurance in Florida rose like nowhere else in the country. A Miami-Dade condo owner pays on average close to US$2,300 a year, after an increase of about 40% over the period. For single-family homes the picture is worse: Floridians pay 181% more than the U.S. average, and in Miami-Dade home insurance tops US$6,000 a year. The sharpest jump came in 2024; in 2025 the pace eased, but from an already very high base.
The point almost nobody tells you: the owner pays this
Here's what matters for anyone who invested. The tenant pays a fixed rent, set in the lease. What rises are the owner's costs: the HOA, the assessments, the insurance and the property tax. When those costs grow faster than the rent — and in Miami they grew far faster — the owner absorbs the difference. The math that once closed with a thin profit now runs negative: the property doesn't produce, it drains.
And if the unit sits vacant, it's worse: all of those costs keep running with no rent to offset them, from the other side of the continent.
What can you do?
The first step is to have clear numbers, not impressions. Before deciding whether it's worth holding or selling, you need to know three things: what your unit is worth today in the real market, what it actually costs you per year (HOA + insurance + tax + prorated assessment), and what is selling right now in your building.
That's the first step I can give you at no cost: a valuation of your Miami property using public-record data and real comparables from your building. And if you decide to sell as a foreign owner, I handle the whole process remotely — including the FIRPTA withholding applied to a non-resident seller — in your language, without you having to travel.
Frequently asked questions
Why did my Miami HOA fee go up so much?
Mainly because of the SB 4-D law passed after the 2021 Surfside collapse, which forces buildings to fully fund real reserves for structural repairs. Many associations used to skip those reserves to keep dues low; catching up sent dues sharply higher and triggered special assessments.
Does the owner or the tenant pay the HOA?
The owner pays. The tenant pays a fixed rent by contract; increases in HOA, insurance, property tax and assessments are all absorbed by the owner.
How much can a special assessment cost?
From US$5,000 to US$15,000 per unit for minor repairs, up to US$30,000 to US$75,000 for concrete restoration or a roof, and more than US$100,000 in some older Brickell and Edgewater towers.
Should I sell if my property is losing money?
It depends on the real numbers. The first step is a market valuation and an honest calculation of the annual cost of holding it. With that, you decide on data, not on a feeling.