Miami, renowned for its vibrant culture and stunning architecture, is also a hotspot for real estate investment, particularly in the short-term rental market. 2024 has unveiled some exceptional buildings that stand out for their profitability and appeal. In this article, we delve into the top buildings and their best performing units in Miami for short-term rentals, as analyzed and presented by Resideline.
Top Miami Buildings for Short-Term Rentals
Fortune House
- Address: 185 SE 14th Ter, Miami, FL, 33131
- Best Performing Unit: 2 Bedrooms / 2 Bathrooms
- Average Cash on Cash Return: 36.50%
- Average Cap Rate: 7.90%
- Average Occupancy: 50%
- Average Daily Rate: $456
- Rental Policy: Daily
- Details: Boasting an impressive 36.50% average cash on cash return, this property is a top pick for Airbnb hosts looking to maximize their earnings. With an average daily rate of $456 and a daily rental policy, it's a standout in Miami's vacation rental market.
Icon Brickell III (W Miami)
- Address: 485 Brickell Ave, Miami, FL, 33131
- Best Performing Unit: 2 Bedrooms / 1 Bathroom
- Average Cash on Cash Return: 28.80%
- Average Cap Rate: 6.20%
- Average Occupancy: 74%
- Average Daily Rate: $372
- Rental Policy: Daily
- Details: Icon Brickell III, a favorite for its high occupancy rate and excellent location, offers a great return for Airbnb rentals. Its 2 bedroom units are particularly popular among visitors to Miami.
Opera Tower
- Address: 1750 N Bayshore Dr, Miami, FL, 33132
- Best Performing Unit: 2 Bedrooms / 2 Bathrooms
- Average Cash on Cash Return: 24.20%
- Average Cap Rate: 5.10%
- Average Occupancy: 64%
- Average Daily Rate: $364
- Rental Policy: Monthly
- Details: Opera Tower is a notable choice for monthly rentals, offering spacious 2 bedroom units and a solid cash on cash return. Its central location and amenities make it highly desirable.
Brickell House
- Address: 1300 Brickell Bay Dr, Miami, FL, 33131
- Best Performing Unit: 3 Bedrooms / 3 Bathrooms
- Average Cash on Cash Return: 12.50%
- Average Cap Rate: 2.60%
- Average Occupancy: 54%
- Average Daily Rate: $661
- Rental Policy: Monthly
- Details: Brickell House, known for its luxury 3 bedroom units, appeals to those seeking a premium short-term stay. With its high daily rate, it's a prime location for upscale renters.
YotelPad
- Address: 227 NE 2nd St, Miami, FL, 33132
- Best Performing Unit: Studio / 1 Bathroom
- Average Cash on Cash Return: 6.60%
- Average Cap Rate: 1.20%
- Average Occupancy: 60%
- Average Daily Rate: $193
- Rental Policy: Daily
- Details: YotelPad offers unique and efficient studio units, perfect for short-term stays and a favorite among solo travelers and couples. Its competitive pricing and location make it a smart choice.
SLS Hotel & Residences
- Address: 1300 S Miami Ave, Miami, FL, 33130
- Best Performing Unit: 3 Bedrooms / 2.5 Bathrooms
- Average Cash on Cash Return: 19.00%
- Average Cap Rate: 4.00%
- Average Occupancy: 59%
- Average Daily Rate: $639
- Rental Policy: Daily
- Details: SLS Hotel & Residences offers a blend of luxury and profitability, with its 3-bedroom units being especially attractive for higher-end short-term rentals.
Brickell on the River South
- Address: 41 SE 5th St, Miami, FL, 33131
- Best Performing Unit: 1 Bedroom / 2 Bathrooms
- Average Cash on Cash Return: 17.50%
- Average Cap Rate: 3.60%
- Average Occupancy: 75%
- Average Daily Rate: $250
- Rental Policy: Daily
Details: This property is a great choice for Airbnb guests seeking central location and convenience, with its one-bedroom units offering a compelling combination of comfort and value.
The Club at Brickell
- Address: 1200 Brickell Bay Dr, Miami, FL, 33131
- Best Performing Unit: 0 Bedroom / 1 Bathroom
- Average Cash on Cash Return: 16.80%
- Average Cap Rate: 3.50%
- Average Occupancy: 62%
- Average Daily Rate: $224
- Rental Policy: Daily
- Details: The Club at Brickell is ideal for short-term renters looking for studio units in a prime location, offering a good mix of affordability and convenience.
900 Biscayne Bay
- Address: 900 Biscayne Blvd, Miami, FL, 33132
- Best Performing Unit: 3 Bedrooms / 3 Bathrooms
- Average Cash on Cash Return: 5.00%
- Average Cap Rate: 0.80%
- Average Occupancy: 59%
- Average Daily Rate: $562
- Rental Policy: Monthly
- Details: With its spacious three-bedroom units, 900 Biscayne Bay is a top choice for those seeking a more extended stay in luxury accommodations in Miami.
In summary, Miami's short-term rental market in 2024 offers compelling opportunities for Airbnb hosts and real estate investors. The top buildings featured are more than just investments; they are gateways to experiencing the dynamic lifestyle of Miami. With Resideline's insights and a strategic approach to Airbnb hosting, navigating this market becomes a streamlined and rewarding venture. From luxurious three-bedroom apartments to efficient studio units, these properties cater to a broad spectrum of short-term renters, making them ideal choices for maximizing Airbnb success.
