Developer · Miami, FL · Member since 2016 · 47 posts · 15 votes
9y
I don't have numbers but Brickell has tremendous rental demand. It's within 15 minutes of just about everything that matters in Miami(Miami Beach, Downtown, Wynwood, Design District, I95). Young professionals, University students, South Americans on vacation and too amny bars and dining establishments call this place home. I think a simple way to gauge an area for its short term rental potential is to check airbnb listings in the area. 1. Look at the daily rate of the unit and the number or reviews / calendar availability could give you an idea of your vacancy.
And for the Why Not?
I will caution you have to buy right, there's a lot of development that could hurt the market, condo HOAs, and during the crash the condos were the first to go.
Real Estate Agent · Miami, FL · Member since 2016 · 4 posts · 2 votes
9y
Generally speaking, Brickell is currently NOT a good investment. The local condo market is oversupplied (24+ months of inventory), and thousands of new units set to enter the market over the next 2 years. The rental market has already flatened with this increased supply. When you take into account condo fees and property taxes, you'll be happy to see a 2% return.... There are much better investment opportunities in different parts of Miami.