Pristine blue skies. Balmy breezes year-round. The churning Atlantic lapping on the shore. Sunshine kneading the droves of people (just like you) luxuriating on soft, white sand. The scent of delicious Cuban food emanating from restaurants. The sound of vibrant music and people reverberating through the cityscape. Unmatched culture. The feeling of life surging.
Sounds too good to be true, right? Well, for once, it isn’t. Miami is where life slows down (and fun picks up) and offers a too-rare opportunity to bask in it and enjoy it, and, in many ways, Miami is a shimmering shoreside paradise that nurtures the soul.
People from all walks of life and all corners of the ever-shrinking world turn to this locale as an escape. As a result, rental properties are a pearl tucked away in the clam of this cityscape. Investing in Miami rental property is an unmatched opportunity, and this is just scratching the surface. Explore why you should buy a rental property in Miami in our blog:
Why You Should Buy Rental Property in Miami in 2023
Miami is Friendly to Landlords
Purchasing Miami rental property is particularly advantageous because rental laws are considerably more relaxed, and the market dictates rates, not the Government. Meaning rental rates rise with demand, which is skyrocketing.
These rental laws also offer more rights to landlords, an immeasurable benefit that empowers investors to truly be masters of their domain.
The Housing Market
The housing market is one of the biggest benefits for people looking to invest in Miami rental property, especially short-term rentals.
Firstly, the city is home to several international air and cruise lines, which means tourists are constantly cycling through the city. Add that traffic to the already robust stream of tourism, and short-term rentals are virtually guaranteed occupancy.
Miami’s strong, diverse economy has also become a veritable mecca for highly-educated, high-income professionals, meaning they have money to spend if you have a nice place to offer, and there are innumerable areas on the come up, so opportunities are abundant.
The beautiful weather, melting pot of cultures, and cosmopolitan atmosphere work in conjunction like alchemy to generate one of the top short-term rental markets in the USA. Using an innovative short-term rental calculator, like mbanc Invest, offers a deeper dive.
Miami boasts some of the highest rental rates in the nation, which are approximately 9% higher than other markets. These are, for lack of a better term, MVP numbers. Miami yields an average occupancy rate of 60% and an average daily rate of $384.
You can expect an average annual revenue of $84.7k and a net income of $63.5k when all is said and done. Essentially, property in this southern gem quickly pays for itself, and all you will have to worry about is where to get your next cocktail to complement the ocean breeze.
Florida is famous for being supremely tax-friendly, which means it’s investor-friendly as it imposes no state tax, no personal income tax, no capital gains tax, and no estate tax. When you invest in Miami rental property, Uncle Sam keeps his hands out of your pot.
While there are still property taxes, they sit well below the national average, and the low mortgage rates only add to these benefits that turn this world-famous city into a treasure trove that is yours for the taking.
Contact Us to Learn How mbanc’s Non-QM DSCR Loans Can Help You Stake Your Claim On a Slice of Paradise via Miami Rental Property
At mbanc, we get it. You’ve spent your life succeeding on your terms, and this is not something you’re willing to compromise on. And, honestly, you shouldn’t have to. Unfortunately, without traditional income, conventional lenders will avoid you like the plague. Our passion is financing short-term rentals for people like you who live modern, non-conventional lives and still prosper in unimaginable ways.