Anonymous123, Home Buyer in Oceanside, NY

Ballpark rental income South Beach for 2BR

Asked by Anonymous123, Oceanside, NY Tue May 21, 2013

What can I expect in terms of vacation rental income for a nicely maintained 2BR/2BT in South Beach with walking distance to the beach? I can see that rental prices are around 100-150/night and 900-1500/week.
I would like to know how many nights I could expect to rent out a well maintained condo per year?

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BEST ANSWER
It is difficult to determin revenue per night,since, only condo hotels will allow you to rent daily, therefore the monthly maintenance fees are higher and you may have to split the gross revenue with Hotel program.

2/2 Ocean front building for up to 6 month rent $4500 a month. however, if the building is few blocks west of the ocean the rent may go as low as $2500.

Remeber, there's 13.5 % transient tax to be paid to city, county and state everytime you rent a property for less then seven months..

Omar El-Dada, CHA, P.A., LCAM.
EWM Realty International
2 votes Thank Flag Link Fri May 24, 2013
The rental return in the short term rentals is from 8 to 11% (without the hotel program).
You can rent out privately yourself or through your property manager.
Or, you can go through the rental program.
These programs might have an initial investment, different types of splits (depending on how much time the owner uses the property), management fees etc. Plus taxes.
However, some motels (not in South Beach) include the taxes into their part of the split.
They are not as glamorous, but still give nice returns...

I'd say the prices you put in your question are for 1br, not 2br.
You'd also need to take in consideration the percent of occupancy/year, and seasonal fluctuations.
Our high season is Nov - Apr (sometimes it spills over into May too).
Summer season is a little slower, so the prices are more "competitive".

For the past 3 years our bookings in Miami were extremely high,
and Miami overall is becoming more and more popular in terms of tourism/business conferences etc.
This is because of many festivals, business/trade conferences, Art Basil, food networks, spring breaks, TV shows/film production, original cousine and outdoors fun activities in amazing weather...and our global city feel that attracts people from all over the world.

So, it's like NYC - the Southern version!

Personally, I'd go over each considered condotel and figure out which works best for you.

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Wed Jun 12, 2013
It would depend on the rental restrictions. Some allow nightly, more allow weekly and more are 30 day minimum,. Some are seasonal with 3 months minimum, 6 month minimum. You would need to make sure your Realtor checks the boards rental restrictions before showing you properties. You can expect higher rent in the winter months. It also depends on the building.. The amenities offered ,the square footage and the condition of the unit.as well as how the unit is furnished. Many factors determine what rental rate you can ask.

Mason Boggs PA
Elite Sales Group Real Estate
0 votes Thank Flag Link Tue May 21, 2013
if I just rent it out for vacation renters with a 3 day minimum how many nights do you think I can rent it out per year?
Flag Tue May 21, 2013
It all depends on the value of your property. There are properties that you can rent out $1,000 per night and others $50 per night.

Joan
http://miami-realestate.net
0 votes Thank Flag Link Tue May 21, 2013
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