Characterized by its beautiful and sunny weather, prolific shopping centers and entertainment options, while not to neglect the job growth the city has been seeing, Miami remains a hot destination for many. Miami real estate market has in fact been shown to be of predilection for many investors having unleashed the abundance of investment opportunities that lie within this housing market. The city enjoys a variety of amenities and excellent educational systems to cater to its inhabitants. We recommend that you further investigate Miami if you are looking for investment.
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Today we give you a glimpse of the state of the Miami real estate market and the drivers behind its growth. Then we go on to provide you with details about three of Miami’s top neighborhoods that you should invest in today.
Economy
The economy of Florida has been booming for years now. In fact, Florida today is one of the top performing economies in the nation. Miami, in particular, continues to exhibit the most growth. The job market in Miami continues to grow as more businesses are emerging and relocating to it, which has lead to the creation of thousands of new job opportunities. The job market in Miami has been centered in the services sector, particularly trade and tourism. Miami, characterized by its varied retail sector, booming tourism sector, growing businesses, and thriving real estate sector, continues to attract residents into it, therefore increasing demand for housing. In fact, the Miami real estate market grew by 5% this year. If you are looking for new job opportunities and a favorable place to live in or invest in real estate, then we recommend that you consider delving in the Miami real estate market today.
Vacation Rentals
Vacation rentals have become increasingly popular in Miami. Short-term renters, tourists, millennials, college students, and retirees have all come to demand vacation houses and rentals in Miami. One of the main drivers of this sector is the roaring number of tourists and visitors that flow into the city every year. This can be explained mainly by the good climate and abundant outdoor activities that Miami offers. This is especially advantageous for Airbnb hosts in the Miami real estate market. Because demand for rentals has been increasing, Airbnb hosts can benefit by servicing this sector. If you own a property in Miami and would like to make quick earnings, we recommend investigating by renting your income property on Airbnb. Airbnb is an online tool that matches guests and hosts together and allows tourists and short-term renters to enjoy a stay in a welcoming environment for more affordable prices.
Related: Attract Business Travelers to Your Vacation Rental
Miami Real Estate Market Is an International Market
The global economic turbulences have caused people to look for investment opportunities in the United States. Miami, New York City, and Los Angeles continue to be top destinations for these foreign real estate investors. Over the years, Miami has welcomed different ethnicities into its neighborhoods. First came the Cubans, then the Argentines and Columbians in the 1980s, then the Brazilians in the 1990s and the Russians in the 2000s. Today Turkish real estate investors are leading the international demand in the Miami real estate market.
The Turkish economy is not stable right now and people are looking for investment opportunities elsewhere. Turkish real estate investors prefer investing in residential properties in the United States and Miami in particular, given the higher return on investment offered versus that in Turkey. As more foreigners continue to invest in the Miami real estate market, less room for US citizens is bound. We encourage that you invest in the Miami real estate market today before this option is no longer accessible.
Related: What’s the Top Commercial Real Estate Market in the US Right Now?
Top Neighborhoods in the Miami Real Estate Market
Downtown Miami
Downtown is the soul of Miami. There are numerous amenities and attractions that continue to make Downtown Miami of high predilection. Moreover, the neighborhood enjoys accessible commute from and to commercial centers, downtown offices, and airports that make it more attractive. Potential investment opportunities are seen in condo investments. This is due to abundant efforts directed towards establishing lofts and high-rise condos. If you are looking for a multi family home or a condo, we encourage you look into Downtown Miami.
Median Home Value: $390,000
Median Rent: $1,600
Population: 11,800 with about 83% renting, the rest own property
Coconut Grove
Located adjacent to the shoreline of Biscayne Bay, Coconut Grove is a green and environmentally friendly neighborhood. In the 1960s, the neighborhood was a home to many hipsters and drifters. Today, it is home to modern constructions and large estates; however, it, yet, continues to carry along its freewheeling roots. Coconut Grove’s inhabitants are a broad mix of younger families, retirees, and singles. While homes tend to be a little more pricey as compared to other neighborhoods in the Miami real estate market, condos continue to be available widely and are generally less costly.
Median Home Value: $550,000
Median Rent: $1,400
Population: 20,900 with about 44% renting, the rest own property
Brickell
A gated island with beautiful houses and abundant amenities and attractions, Brickell is the “Manhattan of the South.” If you are looking for a luxurious neighborhood, then consider Brickell. Brickell’s reputable business hub along with its luxury condos make the neighborhood Downtown’s ambitious sibling. The neighborhood is located on the south banks of the Miami River and houses tall distinct modern buildings. Brickell, moreover, has a high concentration of international banks advancing the neighborhood as a prime location for financial investors and analysts and bankers.
Median Home Value: $380,000
Median Rent: $1,700
Population: 29,000 with about 64% renting, the rest own property
Whether you are considering investing in Brickell, Downtown Miami, or Coconut Grove, overall the Miami real estate market is doing extremely well. Services sectors such as tourism and trade contributed to job growth and consequently added more demand for housing in recent years. If you are looking to invest today, we encourage that you look into the Miami real estate market as it continues to offer grand potential residential and commercial investments. For more information about the Miami real estate market, visit Mashvisor and unleash an encyclopedia of information.