If there's one real estate market that has a bright future, it's sunny Miami! Miami saw an increase in newcomers in 2023, and one can only expect this to increase throughout 2024.
This brings many opportunities to Miami-based landlords. But is Miami a real estate market that guarantees profits? Are the market trends projected to be favorable for landlords for the year?
You'll need to hire a real estate agent to help you demystify the real estate market.
Here's how they can help you:
Tenants Are There, But Good Tenants Are Scarce
One of the major advantages of a real estate agent is that they can screen tenants for you.
While Miami is a city of great wealth, there are also many locals who don't have a stable income. As a result, one can expect tenants to break the lease if you're not careful.
A great real estate agent will help you find a tenant with a decent track record. These tenants are likely to honor your lease agreement and make timely payments.
The major trend in Miami is that there's no shortage of tenants. However, finding the right one is a major challenge.
Short-Term and Long-Term Rentals
Do you want to put your property on Airbnb for short-term rentals? Or are you looking to rent it out for the long term?
Often, it's not always in your hands. There are seasons when you'll attract short-term renters. Other times, you'll find potential tenants who'll want to sign year-long lease agreements.
Miami has a mix of both. The trend in this city is that you can always expect tourists at most times of the year. But increasingly, you can also expect new residents.
Your real estate agent will advise you on the best times to rent your property. If you decide to buy more property in Miami, they can even recommend neighborhoods based on the type of tenant you wish to attract.
Competition Is Fierce
Miami is a fantastic market for new residents and tourists alike. But this also means that you'll face lots of competition in the real estate market. Your property value may have increased, but it'll still be tough to find a tenant.
This is why you should hire a real estate agent. They'll help you promote your property in a tough market. They can also help you maximize your profits. They'll do this by finding tenants who are willing to pay a high rental price.
What about maintenance and looking after your property? Real estate agents also have a network of property managers, painters, plumbers, electricians, cleaners, etc.
They will ensure your property is maintained to the highest standards at all times. While real estate agents are optional, many real estate investors see them as crucial to succeeding in profitable but tough markets like Miami.
Find Your Real Estate Agent
Now you know the importance of a real estate agent to help you understand Miami's key trends and insights.
The major trend is that Miami is open to both tourists and new residents. But if you want to succeed as a landlord, you'll also need a property manager.
PMI Sunshine State has over 20 years of helping real estate investors like you. Reach out to us to learn more!
