The Edgewater neighborhood has finally decided to enter the “Airbnb” trend in a more forceful way. Recently, a new launch, in the same format as those offered in Downtown, was announced in the community: VIDA Residences. The new complex also allows the practice of short-term rental (rental for short seasons). In this way, the owner can enjoy the holidays and earn income in dollars by renting the rest of the year, when he does not use the property.
VIDA Residences will be the first condominium in Edgewater with a flexible rental program, which will allow owners to enjoy the property on vacation and rent it out the rest of the year, without restrictions. The units can be advertised on the various rental platforms (Airbnb, Booking, Homeaway and others) and also on travel agencies. VIDA will offer Studios to 4 bedroom apartments, all fully furnished and equipped, ready for accommodation.
One feature that makes Edgewater one of the most interesting neighborhoods in Miami is its central location in the city. The neighborhood is north of Downtown, between I-395 and I-195. It is therefore just minutes from Brickell, Downtown, Miami Beach, Miami Design District, Wynwood and Miami International Airport.
Edgewater is considered a community that values the so-called “walkability” and, despite being next to other more vibrant and trendy communities, it still has a quieter and more residential atmosphere, without the hustle of Brickell and South Beach. This is one of the main reasons that places the Edgewater community among the burgeoning ones in Florida. Not everyone wants to be immersed in the urban “vibe” of Brickell, for example, but they want to be close, in comfort.
The Airbnb Trend
The city of Miami, unlike Orlando, has never been very focused on the vacation rental format. Despite being one of the most popular tourist destinations in the world, Miami has always prioritized accommodation in the various hotel chains, with strict rules for those who chose to practice the so-called short-term rental (seasonal rental) in residential properties.
This more conservative standard in Miami was aimed precisely at protecting the hotel chain from competition from rental platforms (Airbnb, Booking and others), but also saving residential neighborhoods from the intense flow of tourists that the new trend could bring.
It turns out that buyer behavior has changed. It’s not enough to have a property in Florida to use on vacation and keep it locked up for the rest of the year. It is also important that the property helps to pay the expenses or even generate some profit. This would only be possible by renting the property for a season in the period when it is not used by the owner.
In this context, Miami began to lose investors to the city of Orlando, which offered dozens of condominiums of houses for vacation rentals, the so-called Vacation Homes, with a very high expected return on rent and within an extremely efficient market, where administrators ( property managers) take care of everything. The owner does not even need to have contact with the tenants, just designate an account to receive the amounts collected. Understand how total rental management works
It was only in the relatively recent past (10 years ago) that the city of Miami’s master plan evolved to allow the construction of buildings aimed at the practice of Short Term Rental. Most new developments in this format were launched in Downtown. The Brickell Neighborhood has recently followed suit. Edgewater now gets on the “tram” and starts offering releases to this audience as well.
Miami thus began to face Orlando and today offers some of the most promising developments aimed at Airbnb in the world.
About AMG International Realty
AMG International Realty is a global real estate company specialized in Florida. If you want to know more about properties in Edgewater or another area of Miami, contact me right now and chat with me on WhatsApp: +1 (305) 318 6968 (Heloisa Arazi).