Does anyone have any information/experience in STR in Miami? I keep hearing that the HOA's there do not allow STR and there are a lot of restrictions from the city as well. Does anyone know more about this?
I have 8 Airbnbs in Miami (used to have 11 until I sold 3) and founded the Airbnb Hosts South Florida meetup group. There are definitely Airbnb possibilities in Miami but you have tread carefully, especially with condos. With condos, not only do you have to check the city regulations, you also have to check to see if the condo rules allow short term rentals. And even if the condo allows it now, they could change their mind at the drop of a hat and you can't do anything about it. That's why I stick to single family and small multifamilies where I am the HOA :)
If you want to network with other Miami hosts and get more in-depth info about where in Miami to invest, come to our Airbnb Hosts South Florida meetup on Feb 22. You can find us on MeetUp.com
I have 8 Airbnbs in Miami (used to have 11 until I sold 3) and founded the Airbnb Hosts South Florida meetup group. There are definitely Airbnb possibilities in Miami but you have tread carefully, especially with condos. With condos, not only do you have to check the city regulations, you also have to check to see if the condo rules allow short term rentals. And even if the condo allows it now, they could change their mind at the drop of a hat and you can't do anything about it. That's why I stick to single family and small multifamilies where I am the HOA :)
If you want to network with other Miami hosts and get more in-depth info about where in Miami to invest, come to our Airbnb Hosts South Florida meetup on Feb 22. You can find us on MeetUp.com
@Jean H. hit the nail on the head. Thread very carefully and there are only a handful of condos and some very old ones in Miami beach. On the other side of the coin this keeps alot of competition away and with thousands of airbnbs it will be large backlash if everyone were to start getting fined within the confines of the city of Miami.
Additionally, unincorporated Miami dade or MIami Dade county allows STR with a very easy online application. However, this is mostly on the suburbs or about 20+ min from downtown Miami.
You can also consider Miami Lakes, Sunny Isles, Hallandale beach as these are known to have a formal application process.
I have 8 Airbnbs in Miami (used to have 11 until I sold 3) and founded the Airbnb Hosts South Florida meetup group. There are definitely Airbnb possibilities in Miami but you have tread carefully, especially with condos. With condos, not only do you have to check the city regulations, you also have to check to see if the condo rules allow short term rentals. And even if the condo allows it now, they could change their mind at the drop of a hat and you can't do anything about it. That's why I stick to single family and small multifamilies where I am the HOA :)
If you want to network with other Miami hosts and get more in-depth info about where in Miami to invest, come to our Airbnb Hosts South Florida meetup on Feb 22. You can find us on MeetUp.com
I would love to join that meet-up! Unfortunately I am traveling back to California that day. I will look up the Airbnb Hosts South Florida group and hopefully be able to join a meet up in the future!
Thank you for the advice! I will study the market a bit more but it is definitely a goal to get a STR in Miami.
@Jean H. hit the nail on the head. Thread very carefully and there are only a handful of condos and some very old ones in Miami beach. On the other side of the coin this keeps alot of competition away and with thousands of airbnbs it will be large backlash if everyone were to start getting fined within the confines of the city of Miami.
Additionally, unincorporated Miami dade or MIami Dade county allows STR with a very easy online application. However, this is mostly on the suburbs or about 20+ min from downtown Miami.
You can also consider Miami Lakes, Sunny Isles, Hallandale beach as these are known to have a formal application process.
In your experience is the lack of competition in downtown Miami worth the headache of wading through the regulations (city and HOA)?
Yes I believe lack of competition is definitely worth it, while people will rent in the suburbs, it is likely not the same return. You can plug in different addresses into Airdna.co and see what the earning potential will be. You can also do medium-term or month to month rentals which has gained a lot of popularity since Covid. Many folks from colder northern cities are "Working from home" in Miami. I can connect you with a great agent and lender there. I will reach out.