Miami enjoys a reputation of being one of the ideal destinations for foreign as well as local investors.
But just knowing about the reputation of this city in Florida may not be enough for you to go ahead with your Miami real estate investment plans here. It’s obvious for you to want to know more about Miami and why more and more investors are attracted to it.
So, here we are again with our latest article that will enlighten you about why Miami is the hot spot for real estate investors.
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Many real estate markets that are appreciating fast attract people to come for a better quality of life, weather, and affordability; but fail to expand the supply of housing as per demand.
Take San Francisco for example. The San Francisco Bay Area surrounds the city from three sides where limitations regarding building heights have made things worse, preventing San Francisco from building up like NYC. The vertical mountains and Federal parklands in states like Utah and Colorado prevent developers from building houses anywhere they like.
But wait, though the Miami city is too on the water, there are no such geographic constraints that can limit what and where developers can build, not even in the Miami Beach real estate market. The downtown in Miami is known for its high-rises and boasts being the city with the third-highest skyline in the country.
As an investor, the first thing you should consider is the potential return you’ll get on when thinking about is Miami’s real estate good investment. After all, it’s the only way to ensure that the investments you’re making in real estate will thrive.
And guess what, the Miami real estate market hardly disappoints in this regard. Yes, the real estate market here promises strong returns.
Thanks to the growing demand for housing, the impressive ROI for both property investors and landlords makes Miami an ideal choice for real estate investment.
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Do you know it is the population preferring to rent their property in Miami that actually fuels the housing demand here? Yes, a large portion of the Miami population is formed by renters. To be more specific, around 70% of the residents here rent.
With the housing supply of Miami being low, the house selling prices, or the Miami real estate prices being too high, and most people here working on seasonal or temporary jobs, the demand for rental housing in Miami is huge. Plus, renting a house here is more affordable than buying one.
And that’s just why more investors are purchasing homes here and then turning them into rentable units by renovating accordingly which is expected to grow further as per Miami real estate market predictions 2020.
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Miami’s population keeps on increasing every day. Due to the weather, amenities, vibrancy, and of course, the location, people from all over the world come here and end up being Miami’s residents. The retiree population is pretty large here.
Are you thinking about what the retiree population has to do with you looking for the best places to invest in real estate in Miami?
Well, retirees are hardly affected by house value fluctuations. With them having no reason to sell their houses means there are lesser property options for new homebuyers which makes investing in the Miami real estate market all the more lucrative.
Miami is one of the few places in the US that offer investors and landlords more freedom than most of the other states, another one of the Miami real estate trends.
From zero city or state income taxes to not having any rent control law, no upper limit for security deposits, Miami is extremely friendly to landlords and real estate investors.
Plus, in Miami setting the minimum time for late-rent eviction is three days, unlike other states where it’s seven days. Even, for repeated violation of the lease agreement in Miami, landlords can put a seven-day move-out notice (unconditional) to the tenants.
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Having the 12th largest GDP in the United States of America, Miami wins the title of Florida’s largest urban economy. Based on the level of human capital, business activity, and cultural activity, Miami has also been ranked as an alpha city, influencing the Miami real estate prices graph.
The unemployment rate here is also around 4% which is basically the same as the national average, making Orlando the only city in Florida ahead of Miami.
Do you know that Greater Miami alone had around 24.3 million visitors in 2019? Or take for example the whooping $25.97b billion spent in the direct expenditure by the overnight visitors in 2017?
Naturally, the booming tourism industry here offers plenty of opportunities to capitalize on tourism for investors, landlords, and homebuyers once they know the best places to invest in Miami real estate.
Being an outsider, if you’re still stuck with ‘should I invest in Miami’, then know that not only this city but Florida is friendly to foreign investors. Yes, more than half of the city’s population consists of immigrants or foreign-born citizens. And this is probably one of the most significant reasons that foreign investors take so much interest in the real estate market of Miami, Florida.
1st source is known to have extensive knowledge and experience about the locations, neighborhoods and property deals in Miami and across Florida. And we strive to set the standard for the real estate industry by helping our clients with buying/selling/renting commercial as well as residential real estate properties.
If you’re interested in the best areas to invest in Miami, we can help you.
Consult with us today and make real estate investments where your profitability chances will be maximized.