Miami

Area: South Beach

Overview

Population: 4,157,000

Market Report - Miami:

In September 2022, Miami home prices were up 24.5% compared to last year, selling for a median price of $530K. On average, homes in Miami sell after 55 days on the market.

Market Report - Miami South Beach:

In September 2022, South Beach home prices were up 54.9% compared to last year, selling for a median price of $1.2M. On average, homes in South Beach sell after 41 days on the market.

Tourism Report

In 2021, 15.9 million overnight visitors and an additional 8.3 million day visitors totalling 24.2 million came to the area, which essentially matched the total volume of tourists seen in 2019. Furthermore, visitor spending rebounded and tourists spent an estimated $19.2 billion, an increase of 8% over 2019.

Tourist Demographics

• The average size of the party: 2-3

• The average length of stay: 6.6 nights

• The average age: 42.6

• Male: 67.9%

• Female: 32.1%

Business Tourism

The Miami Beach Convention Center contains over 1 million square feet of meeting space, including four 125,000 square feet halls that can be combined to create up to 500,000 square feet of contiguous space. The Center is now complemented by the 800-room Loews Miami Beach, which highlights Miami Beach’s potential as a complete tourism destination.

Short-Term Rental Reports - Miami Beach:

February: $256

July: $307

The Average Daily Rate (ADR) is the average booked nightly rate + cleaning fees for all booked days over the last year.

Occupancy Rate: 82%

February: 70%

July: 91%

The number of booked days is divided by the total number of days available for rent over the past 12 months. Properties with no reservations are excluded. This Occupancy Rate figure represents the median over the past 12 months.

Revenue

Average Revenue: $5,600

January: $4,300

July: $7,000

Property Demographic

We are looking to purchase a 2 bedroom/2 bathroom unit, prices for this type of asset are valued between $650,000/750,000

Yield: 8 - 10%