Miami has always been an excellent location for investors interested in rental properties. After all, with tourists coming to Miami year-round, rental properties in the city are always hot. This makes for a very profitable environment for anyone who owns rental properties. However, it’s undeniable that certain neighborhoods are more profitable than others. With this in mind, smart entrepreneurs will aim for properties in more popular areas in order to turn a profit. Today, we’ve put together a list of the top 6 Miami neighborhoods for rental investment in order to help you achieve just that.
First up on the list of the top 6 Miami neighborhoods for rental investment: Wynwood is, by far, one of the most popular neighborhoods among tourists. It’s easy to see why, as Wynwood is considered to be one of the most walkable neighborhoods in the city. There are tons of side streets in the neighborhood which allow people to bypass the busy freeways. Additionally, Wynwood is a very beautiful neighborhood with a style unlike anywhere else in Miami. The streets are lined with beautiful murals, cafes, bars, restaurants, and plenty of fashion-forward shopping options. All in all, the funky and artsy feel compared to the rest of the city is very attractive to most people. Wynwood boasts a median rent price of $3.045 for one-bedroom and $3,947 for two-bedroom properties. All in all, with increased demands in real estate investments, Wynwood is an excellent choice for investors.
- Little Havana
Little Havana earns its place on the list of the top 6 Miami neighborhoods for rental investment because of its diversity. Originally formed from Cubans moving into the city, it has recently become home to more and more immigrants from Central American countries, which made the neighborhood a cooking pot of different cultures. Little Havana is filled with unique restaurants and colorful buildings, with festivals being a common occurrence. Additionally, it’s fairly affordable with median rent for one-bedroom properties being $1,350, and two-bedroom properties being $1,900. In addition, the neighborhood is very walkable, which makes it even more popular. The affordable price and popularity of Little Havana means that investors will have no trouble finding tenants. However, when furnishing properties here, remember to rely on local moving services to help you out. There’s a variety of helpful options to suit whatever your needs are.
Next up is a much more laid-back neighborhood; Edgewater is a nature-oriented neighborhood with tons of wonderful parks and green spaces for people to enjoy. Additionally, it’s in a spot that doesn’t usually get visited by tourists but is still close enough to urban amenities. This makes it a very popular neighborhood for renters looking to get away from the bustling city and just kick back. Investors can expect to find long-term tenants here because of this. The median rent for properties in Edgewater is $3,100 for one-bedroom properties and $3,800 for two-bedroom properties. Still, if you plan on investing in rentals here, there are things to consider when investing in real estate that you should think about.
- Downtown Miami
Downtown Miami is by far one of the most popular neighborhoods in the city, and for good reason. People come here because it’s at the center of everything that happens in the city. Tourists are the most common renters in Downtown Miami, because there’s always something to do. Bars, clubs, restaurants, cafes, shopping, Downtown Miami has everything that tourists come to the city for. Additionally, Downtown is in a fairly central location, meaning people here have easy access to the rest of the city. As such, it’s an excellent choice for any investors looking to profit off of tourists. The median rent here is $2,974 for one-bedroom properties and $3,224 for two-bedroom properties. However, experts from promoversmiami.com note that, because the area is always busy, you should rely on local experts who know how to navigate it when moving furniture into properties.
If you’re looking for a more high-end neighborhood, then Brickell is where you should look. Brickell is considered the financial heart of Miami, because of the businesses which can be found here. Most people who work in banking, investment, or other finance-related business can be found in Brickell. The high-rise buildings here are top-notch, and mostly professionals live in the neighborhood. The median rent in Brickell is $3,500 for one-bedroom properties and $4,097 for two-bedroom properties, making it the most expensive on this list. All in all, for investors, Brickell is a high-risk high-return neighborhood, and smart entrepreneurs can make a fortune here. Additionally, if you plan on working with rental properties in general, you should know what the best season to renovate a rental home is. With rental properties, timing is very important, so you should know when the best time is for renovations.
- Spring Garden
Spring Garden is a neighborhood that is perfect for nature lovers who rely on city amenities. The neighborhood is a perfect compromise between city living and nature, as the whole neighborhood is filled with trees and generally feels like a park. Additionally, Spring Garden is one of the oldest neighborhoods in Miami and is also one of the five historic districts in the city. The median rent for Spring Garden properties is $1,950 for one-bedroom properties and $2,499 for two-bedroom properties. All in all, Spring Garden is a fairly safe bet for any investors who are interested in investing in Miami rental properties.
Top 6 Miami neighborhoods for rental investment – wrap up
Miami is an excellent choice for any entrepreneur interested in rental properties. The constant demand for housing and the presence of tourists make rental properties in the city a wonderful idea. However, certain neighborhoods are much more profitable than others, and smart entrepreneurs know how to use this to their advantage. Of course, the choice of the neighborhood also depends on the type of tenants you want to work with, which is another factor to think about. We hope this list of the top 6 Miami neighborhoods for rental investment helps you out, and we wish you a great rest of your day.