In our previous article we explored the best airbnb friendly condos in Toronto. Today, we are going to focus on one of the most prolific Airbnb investment markets in the world, Miami.
What makes Miami a great market for short-term rental investment? It is a city with rich history and culture, beautiful weather year round, and ocean views/intercoastal that makes for a beautiful city. Not to mention the rise of Brickell Bay, which is a completely modern city with amazing restaurants, bars, museums and activities.
This article will cover the top airbnb friendly condos in Miami along with insider information regarding average daily rates, licensing, and building restrictions, to help you pick the best investment opportunity for you.
Things to keep in mind when purchasing a condo for Airbnb rentals in Miami are:
You need to register with the Florida Department of Revenue for Dade County and complete a DR-1C as well as a DR-1A, this is for remitting transient occupancy taxes that you collect (most OTAs have a deal with FDOR where they collect and remit transient occupancy taxes on your behalf, but you still need to file $0 submissions!)
You need to register and obtain a license from the Florida Department of Business & Professional Regulation
You need a BTR license from Dade County
You need a dade county tax account to remit county level taxes collected by your property (again most OTAs will have a deal with larger counties to remit on your behalf, but you still need to file $0 submissions!)
You need a Certificate of Use which is obtained through registration and a property inspection that has a year cost of $136.17
Your building, or HOA, must allow for short-term rentals
Other than licensing you also must ensure the property you are purchasing is not located in an area designated as Estate of Low Density Residential on the CDMP Land Use Plan Map.
Below we’ve ranked the best buildings based on their potential earning income, which takes into account location, amenities, and booking data from over 30,000 real bookings we have in our system.
1200 Brickell Bay may be an older building, but is by far the most popular short-term rental investment building in Miami. The reason we love this building so much for our clients is that it has the highest potential ROI for investors, reasonable HOA fees, and is one of the only buildings in the area that has free parking for guests. The entry price vs potential monthly incomes is unbeatable in the Miami area, making it a great starter investment for those looking to obtain their first property.
Steps away from downtown Brickell, the club is a unique building that appeals to travellers of all types; guests have access to all essential amenities like an outdoor pool, gym, and games room. Not to mention it's across the street from one of our favourite restaurants, Dirty French Steakhouse.
Building Amenities - Open to all Guests
24/7 Security, FREE Valet Parking, Whirlpool, Fitness & Health Center, Heated Pool, Business Center and Media Room
Pet Restrictions
No - Pets allowed up to 30lbs
Guest Registration Fee
Yes - $50
Download the full revenue analysis for 1200 Brickell Bay Drive, Miami
Located just east of The Club, the W Hotel/Icon Tower 3 provides a modern upscale experience but has higher HOA fees. The increased HOA fees can be offset by a higher nightly rate as guests flock here for the luxurious outdoor pool amenities and breathtaking views of Biscayne Bay. Located on the Miami River, Icon Tower 3 is a stone's throw from downtown Brickell, making it a premium destination for guests and a great modern building for mixed use investors.
It is important to note that in this development short-term rentals are only allowed in the Viceroy Tower, not in the other two towers.
Building Amenities - Open to all guests
Two Bayside Restaurants, Outdoor Fireplace, 24/7 Concierge, 24-hour Valet Service, Spa & Fitness Center, Whirlpool, Cold Plunge, Steam Room, Sauna, Aerobic Studio,
Pet Restrictions
None - 2 pets maximum per condo
Guest Registration Fee
None
Download the full revenue analysis for 485 Brickell Avenue, Miami
If you're a short-term rental investor looking for a new building that is loaded with luxury amenities, the Gale Miami (formerly Natiivo) is for you. The two biggest drivers of ROI are location and amenities. Boasting a 16,000 sq ft pool deck with a pool side restaurant and bar, The Gale has every guest amenities imaginable. This translates into higher nightly rates and more profit for you.
All furniture and appliances are brand new and at the beginning of their useful life, which means you'll have minimal monthly maintenance costs or surprise expenses related to repairs or issues that could impact a guest stay.
In a highly developing area located across the street from the iconic Kaseya Center on Biscayne Bay, The Gale offers solid nightly rates with an appreciation that not all buildings have.
Building Amenities - Open to all guests
16k sq ft Outdoor Pool with Cabanas and Pool Restaurant & Bar, Spa & Fitness Center, 24/7 Concierge, 24/7 Valet Parking, Ballrooms, Private Meeting & Boardrooms, 9th Floor Restaurant, Steakhouse, Cocktail Lounge, Media Room, Yoga Studio, Sauna & Steam Rooms, Private Beach Club Access
Pet Restrictions
No
Guest Registration
$35 resort fee per day - covers amenities and bike rentals
Download the full revenue analysis for 601 NE 1st Avenue, Miami
YotelPad Miami is a fantastic starter building for any investor looking to get a footing in the Miami market. As a newer building (two years old) it has lower maintenance costs, newer appliances at the beginning of their useful life, and smaller unit sizes making them much easier to manage and turn over for guests. Of course the smaller unit sizes means less beds and heads, but it also means lower entry prices, that's why we recommend YotelPad for first time airbnb investors getting their feet wet. The largest unit in the YotelPad building are 2 bedroom units that sleep 6, but all units come with a balcony, kitchen, and living room.
YotelPad is located minutes away from Brickell and the MacArthur Causeway, giving you direct access to South Beach.
Building Amenities - Open to All Guests
WiFi, Full Gym, Sky Pool Deck, Coworking Space, Complimentary Transportation, Beach Access via Coucher Brother’s in South Beach
Pet Restrictions
Pets are allowed for an additional fee
Guest Registration
$35 resort fee
Download the full revenue analysis for 227 NE 2nd Street, Miami
Located perfectly in Sunny Isles, Marenas Beach Resort is steps away from Hallandale Beach, the Hard Rock Casino, and the luxurious shopping centers in Bal Harbour. Sunny Isles is another great location for mixed use investors, those who are looking to earn income off their property and also use it to vacation as it has the most upscale beach areas in Miami.
Known for its high-end resorts, luxury condos, and international clientele, most properties in Sunny Isles are right on the sand and have unobstructed ocean views making it a highly desirable location for airbnb guests.
Building AMenities - Open to All Guests
Beach Access, Complimentary Bicycles, Outdoor Infinity Pool, Beach Cabanas, Valet Parking, Free Zumba and Yoga Classes, Private Parking, Family Rooms, Bar
Pet Restrictions
Guest Registration
$35 per day, covers amenities, beach access, beach chairs
Download the full revenue analysis for 18683 Collings Avenue, Miami
