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.
Beachfront Realty, Inc.
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
Mason Boggs PA
Elite Sales Group Real Estate