Miami has just received two new launches aimed at Airbnb or similar platforms. These new short term rental condos are NOMAD Residences Wynwood and SOCIETY Residences in Downtown. Both consolidate the trend, which is now spreading to other central neighborhoods.
More and more buyers want options that allow flexible renting. In this way, they can use the property on vacation and rent the rest of the year. The format of the new condominiums already integrates the rental operation with the platforms in an efficient and practical way. These new condominiums are usually delivered fully furnished and turn key within a concept that maximizes the expected return for the investor.
Miami, until recently, had strict rules for renting. Very few properties allowed rent for periods shorter than 6 months. To this day most neighborhoods offer strict laws regarding the practice. The Downtown region, however, was a pioneer in this format, with several within this new concept.
The most talked about launch in recent years was District 225, which was launched in partnership with the Airbnb platform. Before him, YotelPad and Natiivo were already sales successes. Some of these launches guarantee a minimum return in the first two years, which makes the investment safe and profitable. Check out a list of the main condos in Miami that allow Airbnb
Rivalry with Orlando
Unlike Miami, the city of Orlando has a tradition of short-term rental properties. Already well known to domestic and foreigners buyers, the so-called Vacation Homes, that is, vacation homes close to the main parks and attractions, were already the darlings of tourists, competing with the large hotel chains. After all, it is much more fun and brings much more freedom to stay in a large house, with friends and family, than confined to a hotel room. Not to mention the savings that a Vacation Home brings, since the daily cost can be shared by all guests, in addition to the possibility of making your own meals instead of spending at restaurants at all times.
The city of Miami, in turn, never needed to have this differential in its projects. At the beginning of the real estate boom, in mid-2010, Miami was the favorite of international investors, especially Brazilians. At that time, with the dollar below two reais, buying a property facing the sea in Miami was cheaper than a similar one in the main capitals of Brazil. It so happens that, with the rise of the dollar and the various crises since then, buyers have changed their behavior. It was not enough to buy to gain in appreciation. It was necessary for the property to pay for itself (expenses) and still generate a return.
It was in this context that the city of Orlando began to rival Miami. Large houses in Orando, with many rooms, were considerably cheaper than Miami apartments. In addition, they allowed short-term rentals. Miami then began to lose investors and had to adapt to the new trend.
Faced with this market need, the City of Miami changed its zoning and revised its rules for new developments. The Downtown area has become the main area offering options within the Airbnb format.
About Society in Downtown
Society Residences will be the first condominium in Downtown, facing Biscayne Bay, that will allow for short-term rentals (Airbnb and other platforms).
If you are thinking of making a solid dollar investment and still having a second home in Florida, to use on vacation and rent for the rest of the year, then click here and get all the details about this new development in Downtown Miami.
The 49-story tower with unobstructed views of Biscayne Bay and the Atlantic Ocean will be located in Downtown, the most vibrant area of Miami.
About AMG International Realty
AMG International Realty is a global real estate company specialized in Florida and focused on the Brazilian public. If you want to know more about the opportunities in the real estate market in Miami and Orlando, contact me right now and chat with me by WhatsApp: +55 11 981112555 (Carlos Barros).