Miami Beach Real Estate
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Miami Beach real estate is highly desirable, and people worldwide come to see what the excitement here in Miami is all about. We have beautiful waterfront homes for sale, newly renovated condos, new developments, and luxurious property rentals with so many more real estate opportunities available in Miami Beach today.
When seeking premier real estate in Miami Beach, look no further. Whether you are trying to find a luxury condo to call home or a great vacation home for when you have some available time off, this is an ideal South Florida location to consider. Just 15 miles illustrious shores along Miami Beach offer one of the world’s most prestigious locations. Now Miami expands beyond the Atlantic coastline as the City of Miami grows inland into one of the most desirable global destinations for luxurious residential single family homes, townhomes, and condominium options. From extraordinary penthouses to amazing homes on the water, the Miami life is beyond compare.
The location of Miami Beach is truly convenient. Those who live here are ever so close to the Downtown Miami area, or even Fort Lauderdale, making it just a short drive to get to those locations. In fact, it’s easy to get to just about anywhere in the South Florida area from Miami Beach. Here locals love the ability to have premier entertainment, shopping and dining options that are right in our local community. It is so much fun living here and a sensational location to make your next home.
Why Miami Beach is a Great Real Estate Investment
Miles of beautiful white-sand beaches, world-class dining and shopping, internationally renowned nightlife, and a tropical climate make Miami Beach one of the most popular destinations in the world. Whether it's for vacation, business, or to find a place to call home, people from all over the world flock to the "Magic City" to enjoy everything it has to offer.
What is also a well-known fact is that Miami Beach is a great place to invest in real estate. In fact, historically speaking, Miami has been one of the best places to invest in real estate in the entire United States. According to NeighborhoodScout, real estate in Miami experienced has appreciated over 152% during the last decade, which amounts to a 9.72% average annual rate of home appreciation. It's these kinds of numbers that have placed Miami in the top 10% nationally for real estate appreciation.
So, what are some of the factors that have contributed to such impressive real estate appreciation rates in Miami? After all, it can't be just the nice weather and beaches, can it? As it turns out, there are several compelling reasons why Miami Beach is a smart choice for investors. Let's take a closer look.
Miami Beach is a highly desirable place to live
With its warm weather, beautiful beaches, and vibrant nightlife, it's no wonder that Miami Beach is such an appealing place to live. According to the U.S. Census Bureau, the Miami metropolitan area is home to over 6 million people, making it the 8th most populous metro area in the United States.
What's more, Miami is also a very popular destination for international migrants. In fact, according to the Miami-Dade County Planning Department, almost 55% of residents in Miami-Dade County are foreign-born. This diversity has helped make Miami Beach a truly cosmopolitan city with a unique flavor all its own.
All of these factors have helped contribute to the strong demand for rental properties in Miami Beach. And with high demand comes high rents, which is good news for landlords and property investors.
Miami Beach has a strong rental market
The combination of Miami Beach's desirability as a place to live and the fact that so many people are moving to the area has resulted in a large and growing rental market. In fact, according to a recent report by Apartment List, the Miami metro area has experienced the fastest growth in the country in the last year (28%) and is the 3rd most popular destination for renters in the United States since March 2020.
Since the onset of the pandemic, there has been a massive wave of people, led by technology entrepreneurs, venture capitalists, and digital nomads moving to Miami Beach. Attracted by the lifestyle and lack of state income tax, these new Miami residents have created an even bigger demand for rental properties, which has caused rental prices in Miami Beach to increase as well. According to a report by Realtor.com, the median rent price in Miami Beach has soared 58% since March 2020, to $2,988 per month.
With such strong demand for rental properties, it's no wonder that Miami Beach is a great place to invest in real estate. Landlords and property investors in Miami Beach can expect to see healthy returns on their investment.
Miami Beach is landlord-friendly
Compared to other major metropolitan areas in the United States, Miami is relatively landlord-friendly. For example, New York City has some of the most stringent rent control laws in the country, which can make it very difficult for landlords to raise rents or evict problem tenants.
In Miami, however, landlords have much more flexibility. According to Florida law, landlords can raise rents on fixed-term leases as long as they give their tenants at least 30 days' notice. And if a tenant isn't paying their rent or is causing other problems, landlords can begin the eviction process relatively quickly and easily.
This is good news for investors because it means they can more easily maximize their profits by raising rents when necessary and evicting problem tenants without having to jump through a lot of bureaucratic hoops.
ROI for real estate investors is impressive
Of course, all these factors ultimately boil down to one thing: profitability. And when it comes to profitability, Miami Beach is hard to beat.
According to a report by Mashvisor, the average Miami real estate investment generates plenty of appreciation, ranking in the top 10% for real estate appreciation in the U.S. In fact, in the last decade, Miami investment properties have appreciated by 52.63%, which correlates to an average annual rate of 4.32%.
What's more, the report found that Miami is one of the most profitable real estate markets in the country for both traditional and Airbnb rentals. For traditional rentals, the average cash on cash return is 5%, while for Airbnb rentals it's a whopping 11%.
Investors looking for an impressive ROI would be hard-pressed to find a better place to invest than Miami Beach.
There is a strong job market in Miami
One of the reasons Miami Beach is such a desirable place to live is because there is a strong job market. In fact, according to the Bureau of Labor Statistics, as of April 2022, the Miami metro area has an unemployment rate of just 2.5%, which is well below the national average of 3.6%.
What's more, according to Citylab, an urban research think-tank, Miami boasts the fastest-growing job market of any major city in the U.S. This is good news for landlords and property investors because it means there will be a steady stream of people moving to Miami Beach in search of work, which will keep the rental market strong.
Tourism is a major industry
Another factor that makes Miami Beach a great place to invest in real estate is the fact that tourism is such a major part of the local economy. Miami has been the premier tourist destination in South Florida for years, and it shows no signs of slowing down. According to the Greater Miami Convention and Visitors Bureau, in 2019, a record 16.26 million visitors came to Miami, spending a total of $28.15 billion.
Like everywhere else throughout the country, COVID-19 had a significant impact on Miami's tourism industry, but the area has been roaring back to life in recent months. In fact, according to Visit Florida, in the fourth quarter of 2021, Florida had 30.8 million tourist visits, which was higher than the 4th quarter of 2019, pre-pandemic.
This growth in tourism is good news for landlords and property investors because it means there will be an increasing number of people looking to rent apartments and vacation homes in Miami Beach.
With the 7th largest real estate market in the U.S., steady appreciation, high rental incomes, low property taxes, and over 70% of the population renting, it’s easy to see why Miami Beach is a great real estate investment. And these are just a few of the reasons. Consider as well, the fact that Miami has a robust job market and is a landlord-friendly city with no state income tax, and it’s easy to see why Miami Beach should be at the top of any real estate investor’s list.
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Luxury Real Estate in Miami Beach
View our vast selection of unique penthouses, oceanfront condos, waterfront homes, luxurious estates and valuable real estate market reports on the most desirable Miami neighborhoods and condominium developments so you're most informed. Whether South Beach, the Venetian Islands, Mid-Beach & North Beach (NoBe), and the most desirable Miami Beach SFH communities, you have come to the right place for amazing residential properties.
You will love it here with Miami Beach real estate shining strong offering a very healthy living environment only found in South Florida. Premier communities for single-family homes include Star Island, Venetian Islands, La Gorce Island, Indian Creek Island, and Allison Island just to name a few - from the list of luxury homes for sale, luxury condos, and penthouses, residential real estate in Miami Beach offers a tremendous selection, as you may have already found listed above.