Anyone familiar with the residential market in Miami? I've read that parts of Miami, like downtown, allow Airbnb short-term rentals (as in, it's legal to do). Miami seems to be one of the top 2 or 3 hottest Airbnb markets in the U.S. Thinking about leasing a handful of studios and running short-term rentals for some side income.
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I would do some basic analysis and get back to us... 1) Like... what are your numbers? Rents in Miami are astronomically high, have you run the numbers? I helped a guy do this back in 2012 in SoHo and it was awesome but that was ten years ago when a 1-BR in SoHo was $2,500. What's your vacancy rate? And 2) Do you have someone to turn/clean units? It's operationally intensive, how much you paying them? And 3) I just googled Miami Airbnb and it say you have to live there at least 6 months of the year.
Thanks. Downtown Miami allows short-term rentals per my opening post. Moving to Brickell this summer so thought I'd take a shot at this. I see many studios in the $2500 - $3000 range in downtown Miami...assuming a conservative 60%-70% occupancy rate at $200 / night, it would be ~$1k profit per unit per month, pre- misc. expenses. Obviously not worthwhile if you're talking a few units, but if you scale it up a bit and run it like a business, it could provide some compelling cash flow. FYI I have plenty of time to do it.
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