Another important item to know before your purchase a Miami condo is the building's rental policy. More than 85% of the time, the building will allow 1-year lease terms only. Another 10% consists of associations allowing 3-6 month terms and, on rare occasions, single-month lease terms. Less than 5% of the time, you cannot rent at all, or as with condo-hotel properties, nightly rentals that are also capable of Airbnb.