Real Estate Consultant · Seattle WA | Miami FL &|Ft. Lauderdale, FL · Member since 2019 · 95 posts · 29 votes
6y
@Kim Philips
Hi! That’s a great question
When you say vacation home how long out of the year do you plan to stay there?
For Miami there are usually minimum lengths of time that you can rent out (bare minimum 6 months) or sometimes not short term and only for 1 year. It really depends on the building and area!
Real Estate Consultant · Seattle WA | Miami FL &|Ft. Lauderdale, FL · Member since 2019 · 95 posts · 29 votes
6y
@Kim Philips
Hi! That’s a great question
When you say vacation home how long out of the year do you plan to stay there?
For Miami there are usually minimum lengths of time that you can rent out (bare minimum 6 months) or sometimes not short term and only for 1 year. It really depends on the building and area!
Real Estate Agent · Myrtle Beach, SC · Member since 2015 · 60 posts · 14 votes
6y
Both would be good choices but I chose the Myrtle Beach area over Florida for several reasons:
1. Less danger of hurricanes (though we are not immune to them). This means less risk of damage to your property AND less risk of interruptions to your rental income stream.
2. Ready supply of both short and long-term rental properties.
3. Mild weather. Winter temperatures average in the mid-50s and not so oppressively hot in the summer making the area an excellent golf destination.
4. It's an excellent golf destination (near year-round)
I also feel that Myrtle Beach is primed for long-term growth
1. Buildings in South Florida are built to withstand hurricanes. When you see major damage, it's often less-prepared homes. Moreover, other than Irma in 2017, South Florida hasn't had any canes since 2005. We always felt sorry for people up the cost with their wood-frame homes.
2. Ready supply of both short and long-term rental properties. Miami Beach has a good mix as well.
3. Weather: Winter temperatures average in the mid-70s, summer temps are very similar between the two. Miami is actually not quite as hot in the summer as many believe and there's an ocean breeze.
4. Myrtle has the nod, however S.Florida isn't too shabby.
The #1 factor to me is price. The price point is Miami Beach for the good stuff will dwarf Myrtle. The other is that Myrtle is a great vacation destination for families. South Beach has great nightlife, food, beach but isn't quite family-oriented. Thus you'll probably have more potential renters in Myrtle. And while I can't speak for Myrtle year round, South Beach has a high season from Nov until April. After that, it dies down significantly.
Real Estate Agent · USA · Member since 2016 · 909 posts · 1k+ votes
6y
South Carolina gets my vote. Miami has strict and ever-changing STR regulations, a client of mine who owns there who had been STR'ing for over a decade recently had to sell because her building in South Beach changed the rules. While SC does have regulations, there seems to be more opportunity there where the rules won't change on you.
Thanks everyone for your detailed input. I do prefer to have the ability to do STR and South Carolina is more family friendly. Anyone here could help me narrow my search?