Skip to content
Short-Term & Vacation Rental Discussions

User Stats

12
Posts
10
Votes
Connor Dahl
10
Votes |
12
Posts

STR Investments in Miami Beach

Connor Dahl
Posted May 11 2023, 11:35

Does anyone have experience investing in STRs in Miami Beach? Looking at a couple deals right now where I should be able to get cheaper debt (seller financing). Would love to run numbers by some people to get their thoughts. Thank you in advance.

User Stats

6,350
Posts
4,757
Votes
Michael Baum#1 Short-Term & Vacation Rental Discussions Contributor
  • Olympia, WA
4,757
Votes |
6,350
Posts
Michael Baum#1 Short-Term & Vacation Rental Discussions Contributor
  • Olympia, WA
Replied May 11 2023, 13:53

There is a lot of restrictions in Miami Beach. Is it even legal where these properties are located?

User Stats

3
Posts
0
Votes
Replied May 11 2023, 14:15

Many restrictions 

User Stats

124
Posts
44
Votes
Mario I Fernandez
  • Miami Beach, FL
44
Votes |
124
Posts
Mario I Fernandez
  • Miami Beach, FL
Replied May 11 2023, 14:29

Miami Beach has many restriction for STR due to the big amount of hotels in the area and these hotels lobby the local government to impose.

Is there any particular reason you want to invest in Miami Beach? 

Are you open to consider other areas more STR friendly?

I would say that besides Miami Beach any other area in Miami and it surroundings will work as well for STR. Miami is a very hot destination right now.

User Stats

1,113
Posts
630
Votes
Brooklyn McCarty
  • Investor
630
Votes |
1,113
Posts
Brooklyn McCarty
  • Investor
Replied May 12 2023, 03:38

Why not go for somewhere more STR friendly

User Stats

195
Posts
114
Votes
Brandon P.
  • Lakeland, FL
114
Votes |
195
Posts
Brandon P.
  • Lakeland, FL
Replied May 12 2023, 03:43
Just up north a lot of people have been investing in STR's on the space coast and Daytona Beach.

User Stats

184
Posts
68
Votes
Sebastian Giraldo
  • REALTOR, Investor, and Rehab Expert
  • Miami Beach, FL
68
Votes |
184
Posts
Sebastian Giraldo
  • REALTOR, Investor, and Rehab Expert
  • Miami Beach, FL
Replied May 12 2023, 06:27

Hello @Connor Dahl I have a list of several buildings that allow STR. Many of these are condo buildings which were older built. The mondrian is perhaps the newest built of them.

There are also some apartment buildings that have this zoning. 

  • Real Estate Agent FL (#SL3379585)

Stratton Real Estate Logo

User Stats

12
Posts
10
Votes
Connor Dahl
10
Votes |
12
Posts
Connor Dahl
Replied May 12 2023, 07:47

There are a lot of restrictions but still number of properties that allow and are zoned for STR. Properties/condos that share amenities with a hotel are less likely to change their STR policies (controlled by HOA) as short term renters do not affect how the overall property functions.

I like the market economics, YOY rent growth, and the fact it is a travel hub, becoming more influential destination in nationwide and world business, and is essentially a year round tourist destination.

Would be open to other areas of Florida but in my opinion they don't share equal demand drivers. What other areas do you like?

 

User Stats

910
Posts
591
Votes
Andrew Steffens
  • Tampa, FL
591
Votes |
910
Posts
Andrew Steffens
  • Tampa, FL
Replied May 13 2023, 11:54

I agree with many here.  We invest mostly on the west coast and are seeing better returns and better appreciation.  Are you stuck on Miami specifically? Also much less restrictive areas in other places in FL.