Have you ever wondered why you should invest in Miami real estate?
What makes it more special and better than other real estate markets?
There are many reasons why Miami is the ideal investment opportunity for real estate investors.
Here are the 7 reasons:
- THE RETURN ON INVESTMENT (ROI) IS AMONG THE BEST IN THE WORLD.
As investors know, the return on your real estate investment is one of the most important factors when you are in the process of selecting a property.
Fortunately, in Miami, the return on investment is excellent thanks to the high demand for housing. This demand is fueled by a population that prefers to rent. This creates a great opportunity for investors for rental housing or as residential property.
Nearly 70% of Miami residents rent. And if you’re wondering why, it’s because most people work in temporary or seasonal jobs. Specifically, in the tourism industry which employs over 145,000 people.
In addition, the city’s housing supply is low, resulting in high property sale prices. This creates more demand for rental housing because it is more affordable than buying a home.
- MIAMI IS VERY LANDLORD FRIENDLY.
Miami is one of the few places that offers homeowners and real estate investors more freedom than most other states.
For example:
- Miami has no rent control laws.
- It does not place a limit on security deposits.
- Landlords can initiate an eviction if a tenant is at least three days behind in rent (most states set the minimum number of days for evictions for rent arrears at seven).
- In addition, repeated lease violations allow for a 7-day unconditional move-out notice.
- THE TOURISM INDUSTRY IS BOOMING.
Another great reason to invest in Miami, Florida real estate is because of all the tourism.
In 2019 alone, Miami had a record 15 million unique visitors. Plus, during the same year, visitors spent $25 billion.
Impressive, right? So what does that mean for property buyers and investors?
Miami offers vacation home buyers, homeowners and investors numerous opportunities to make money from tourism.
- THERE IS A STRONG JOB MARKET.
In addition to entertainment, many people move to Miami for work.
Not only is the city the largest urban economy in Florida, it also has the 12th largest GDP in the United States (by metropolitan area).
Thanks to its thriving tourism industry, growing economy and strong real estate market, Miami’s unemployment rate stands at 3.9%. Which is slightly below the national average.
- THE CITY HAS A LARGE RETIREE POPULATION.
Due to its excellent climate and vitality, Miami’s population continues to grow every day. An important point to keep in mind is that the city has a large retiree population and most of them come to live out their days in South Florida.
So what does this mean for you?
For starters, home value fluctuations rarely affect most retirees. And since they don’t have a reason to sell their homes, there are fewer homes on the market for property buyers.
Obviously, we all know that without sufficient supply, demand increases and so do property prices and the demand for rental properties.
- MIAMI HAS BEAUTIFUL WHITE SAND BEACHES.
Beaches are some of Miami’s main tourist attractions. Most people travel to the city just to spend a day at its stunning beaches. And sometimes, some even decide to stay for the beautiful scenery.
Not only is Miami breathtaking and serene, but it also has one of the best climates in the US.
This explains why the city’s population is growing by approximately 2% every year.
Obviously, a growing population eventually leads to a higher demand for housing, right? And that’s good news for any investor.
- THERE IS A STRONG INTERNATIONAL MARKET.
Statistics show that foreign-born citizens make up more than half of Miami’s population. This means that the city is very friendly to immigrants. And this is one of the reasons why Miami remains attractive to foreign investors.
There are many reasons why foreign investors are taking such an interest in the Miami real estate industry.
For example:
- Some consider investing in a safe and promising market.
- Others, mostly expatriates, are looking for a fresh start or to live the American dream. Still others choose to buy condos that act as their vacation properties.
These are some of the 7 reasons why it is an excellent time to invest in Miami. Remember to contact us to take the first step in an investment. Inform you. We will advise you and answer any questions you may have.
