WHY INVEST IN MIAMI?
There are powerful reasons that make Miami one of the strongest and healthiest Real Estate industries in the USA. Discover some of them and why Miami properties are so appreciated by the best Real Estate Investors.
1 . HIGH RETURN ON INVESTMENT FOR HOMEOWNERS AND INVESTORS
The potential return on investment in Real Estate is the main consideration when someone decides to buy a home in Miami. This is an area chosen very often by Investors who want to make sure their Real Estate investments thrive and have stability.
The Real Estate industry is primarily driven by a population that prefers to rent. In fact, close to 70% of Miami residents live by renting.
According to a Fortune magazine article on February 2022, Miami is the eighth market with the highest increase in rental prices and where there are more searches to rent. According to a new report from the National Association of Realtors, the national average rental price is 11% higher than March of last year, but in the Miami/South Florida market that increase reaches up to 50% in some neighborhoods and 18.4% on average, experiencing the largest year-over-year increase in rental prices.
2. MIAMI IS LANDLORD-FRIENDLY
Miami is one of the few places where Real Estate Owners and Investors have more flexibility than in other States.
Some of the advantages of investing in Miami are:
· There is no limit amount on security deposits, so you are able to charge more if one deems it to be convenient.
· Landlords can initiate an eviction if a tenant is at least three days late on rent.
· Additionally, repeated lease violations allow the landlord an unconditional 7-day move-out notice.
Good point, right? So what does that mean for Rental Investors?
Miami offers Residential and Commercial buyers, Owners, and Investors numerous opportunities to earn money with low investment risk.
3. A SOLID LABOR MARKET
In addition to tourism, Miami is becoming a hub for many innovative companies and technologies, so there is a growing demand from the blue collar work force. The mayor of Miami is working diligently to bring innovative tech like blockchain and crypto currency companies. Miami is not only the largest urban economy in Florida, but also represents the 12th largest GDP in the United States (by metropolitan areas).
The unemployment rate remains at 2.8% thanks to the thriving tourism industry, the growing economy, and the strong rental market.
4. HUB OF THE AMERICAS
Miami has one of the busiest airports in the world, Miami International Airport has more than 80 airlines with around 1,000 daily flights to 167 domestic and international destinations including all the Latin-American countries. The number of passengers amounts to approximately 23 million for the year 2020 and will exceed this amount for the year 2022.
The Port of Miami is a major tourism gateway with more than 6 million passengers a year.
Miami is the ideal destination for most people who travel to the city and who choose Real Estate investment in Miami.
5. A STRONG INTERNATIONAL MARKET
According to the latest reports, more than half of Miami's population is made up of foreigners.
Miami is very friendly to foreigners, therefore it is also an attractive place for foreign Investors!
The reasons why foreign Investors are so interested in the Real Estate sector in Miami are:
Some consider investing in Real Estate a safe and promising market.
Others are looking for a fresh start of living the American dream.
Others choose to buy condominiums that act as their properties or vacation homes.