It’s no secret that Miami is one of the world’s most popular vacation destinations. Every year, millions of travelers come to enjoy the good weather and everything the city offers. While Florida is arguably the capital of the traditional vacation rental community, the rapid growth of the short-term rental market in Miami is a relatively new phenomenon.
Like most major metropolitan cities, Miami has a few neighborhoods that stand out from the rest regarding the demand for short-term rental accommodation. Most travelers come to work and play on their trips to Miami in these neighborhoods. That’s not to say you can’t do well if you have a place outside these neighborhoods. It’s not uncommon for a rockstar property in a neighborhood with lower demand and competition to bring better returns than an average property in a top neighborhood. But if you are buying a place to rent out short-term on a full-time or part-time basis, focusing your search on these areas gives you a good chance at success.
The list below isn’t in any specific order. These areas bring the potential for a great opportunity if a property is positioned well relative to the competition. They also have advantages and disadvantages, which can have important implications for the optimal property type (e.g., condo vs. home, 1 BR vs. 2 BR vs. 3 BR) and how that property should be set up for profit maximization. This blog post provides a brief, high-level neighborhood overview, so feel free to contact us to learn more.
Brickell
Traditionally known as a financial district only, a recent development boom has seen the rise of many upscale residential condo buildings with hotel-style amenities. Most condos in Brickell do not allow short-term rentals, which effectively benefits investors in condos that do. Brickell boasts some of the highest business traveler traffic in all of Miami, which is significant as corporate travel continues to be one of the fastest-growing, least seasonal segments of the Miami short-term rental market. Studios and bedrooms do particularly well on platforms like Booking.com and Expedia as single business travelers look for hotel alternatives. Two-bedroom (and bigger) listings with proven reviews can command high rates on Airbnb as business travelers and tourists combine budgets to reserve larger accommodations. We recommend designing your Brickell short-term rental with a simple yet executive feel to attract corporate visitors and premium tourists.
Wynwood
The former industrial district has become a center for arts, fashion, fine dining, and nightlife. Its transformation into a local cultural hub, combined with low hotel inventory, makes it one of the areas in Miami with the highest demand for Airbnb short-term rentals. While demand for accommodation is very strong relative to supply, many Wynwood Airbnb hosts offer modern spaces and good hospitality standards. Thus, a unique, artistic flair is the best way to stand out among other strong listings. Wynwood also has a shortage of large accommodations, so any host with a two-bedroom property or bigger can expect high interest.
South Beach
When many people think of Miami, they think of Miami Beach. A regular destination for some and a must-visit place for others, Miami Beach experiences a year-round tourist influx. Interestingly, South Beach has stringent Miami short-term rental regulations, with some residential neighborhoods enforcing complete bans and hefty fines of up to $20,000 for violations. However, certain zones within South Beach permit short-term rentals, thus limiting supply and keeping average daily rates high. Since South Beach attracts price-insensitive travelers, investing in high-quality interior design can position your property for premium guests.
Upper East Side
Perhaps the area most resembling traditional vacation rentals (multi-bedroom houses, pools, etc.), Miami’s Upper East Side is exceptionally profitable for operating a short-term rental. This up-and-coming neighborhood is becoming known for its modern homes, trendy cafes, art galleries, and restaurants. It’s highly attractive to families needing central yet spacious accommodations. Some of Miami’s most successful Airbnb, VRBO, and HomeAway listings are located in the Upper East Side, with revenues often reaching six figures for standout properties.
Downtown Miami
Bordering Brickell, Downtown Miami’s short-term rental market is similar to its southern neighbors in terms of demand and home types. High-rise condos dominate Airbnb inventory. Being both a vacation destination and business activity hub, Downtown Miami experiences less seasonality. Peak periods might be slightly weaker than tourist-heavy areas like Wynwood and South Beach, but attracting high-end business travelers and fostering repeat visits is a proven, profitable strategy.
Little Havana
Known for its vibrant Cuban culture, Little Havana is Miami’s iconic hub for Latin heritage, festivals, and cultural events. Short-term rental accommodation demand has steadily grown here in recent years. Although demand isn’t as high as in some other areas, there’s less professional competition, leaving significant opportunities for hosts offering quality setups, strong listings, and excellent hospitality.
Miami remains an outstanding city for vacation rentals, with Airbnb increasing global demand for short-term homestyle accommodations. Neighborhoods like Buena Vista and Coral Way also yield impressive results, proving that location is just one success factor.
Please contact us for more insights or Airbnb management Miami!