What is the best place to invest for long term rent in Miami?

Asked by Thomas.hsu, Fri Jan 24, 2014

I am looking to invest 200-300k in a condo and put it on the market for long term rent. I think that Brickell, Miami Beach, the Gable or Coconut Grove could be good locations. However, which one has the highest long term rental demand?

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Jacqueline N…, Agent, Miami, FL
Fri Jan 24, 2014
Hi. All of these areas are great and popular withlocal residents as well as foreigners. Get a rental market activity in thsee areas to determine the one with the greatest rental demand and lowest inventory. Hope this helps. Good luck.

Jackie Nurse
Firs Service Realty
2 votes
This is very true. For a free list of available properties contact us at first service realty.
Flag Sat Jan 25, 2014
Sandro Duarte, Home Buyer, Miami Beach, FL
Thu Aug 13, 2015
I am looking to invest 90 -115k in a condo and put it on the market for long term rent. Which one has the highest long term rental demand? (Miami and regions) - cash
0 votes
Samantha Ten…, Agent, Boca Raton, FL
Wed Feb 12, 2014
Thomas, the answer really depends on the type of property -- single family, multifamily or condominium. It also depends on your needs along with the rate of return you're looking to achieve. If you are looking to visit and use the property, certain condominium buildings have rental restrictions (i.e. 6 month minimums for rentals). Single family homes obviously do not have the same restrictions.

Miami Beach, Coral Gables, and Coconut Grove are all good areas for investment property, but other areas around town offer great rental opportunities with less turnover in tenants. Keep in mind that with tenant turnover, your carrying costs increase. While finding the right location is important, finding the right tenant is important to think about as well.

Good luck in your search and feel free to contact me with any questions

Samantha Tenzer-Friedman
Tenzer Realty
(786) 314-6100
0 votes
Thomas.hsu, Home Buyer,
Sun Jan 26, 2014
Dear all, thank you very much for the many and good answers provided to my question in such a short period of time. I will be contacting some of you to see how to best move forward. Some of the replies pointed towards the fact that the neighborhoods in question are already in high demand and that my budget may not be sufficient. However, when looking in Trulia I still find some interesting opportunities which meet the budget (while yes, some are a notch above). I agree that 2br seems to be the market's median point and it seems as most responses were arguing for Brickell, the Gables and Coconut Grove.
Thanks again, Thomas
0 votes
Anthony Khou…, Agent, Hallendale, FL
Sat Jan 25, 2014
Hi Thomas
I'm a Pro in Bal harbor and sunny isles beach,I would recommend you invest wisely into these
two areas,for there prestiege and luxury,and your property value always rise in my area,so you will be able to ask top dollar in this market when renting,its worth paying alittle more for a great return over and over,infact our inventory is so low right now vacationers are having a hard time finding anything in bal harbor,your property would be in hot demand always.Pl call me so I can assist you in finding the right investment property for you.305-300-8540 cell
Anthony Khouri
M.Kotler Realty Inc.
0 votes
Anthony Khou…, Agent, Hallendale, FL
Sat Jan 25, 2014
Hello Thomas
I work in Bal Harbor Miami beach/sunny isles.these are the most preteigous areas on Miami beach,right now we are very low on inventory due to demand for luxury rentals,I would recommend
You consider these two areas,not only for there value and pretiege,but for your return dollar wise,you
will be able to have these condos rented all year round at top dollar.As an Expert in these area you will find my services invaluable to you in selecting the right condo.My cell is 305-300-8540,

Anthony Khouri
M.Kotler Realty Inc.
0 votes
Adi Zilberbe…, Agent, Miami, FL
Sat Jan 25, 2014
The best place to invest is where the return are as high for your investment I.e more than 8 Cap. There are specific areas depends on the investment amount.
0 votes
absolutely....south Florida in general is growing real fast ...
Flag Tue May 27, 2014
Elena Landaz…, Agent, Miami, FL
Fri Jan 24, 2014
Actually you are right about these areas, the best areas for a long term rental are Brickell and Coral Gables, but in the are of Brickell the prices are higher than Coral Gables because more people likes to live in these areas. If you are interested in investing feel free to contact me by email and will be more than glad to help you to find a investment property.
0 votes
Beth Jenkins, Agent, Miami Lakes, FL
Fri Jan 24, 2014
Hi Thomas,
All areas of South Florida have a strong rental demand, there is a very low vacancy rate.
The issue is more what you can buy within your budget. You are mentioning rather expensive areas, so you have to work within your parameters. I feel contacting a realtor that you find here on Trulia to get the listings that meet your budget and go from there. You will still have the rental income and the equity you will build in the property, it just may be in a little different location.

If you would like further assistance feel free to contact me at your convenience.

Beth Jenkins
South Florida Brokers
0 votes
Nereida Figu…, Agent, Miami, FL
Fri Jan 24, 2014
My experience working with foreign buyer, seller and of course prospecting tenants ....suggested is Brickell. I re - located a lot of Youpis. Professionals...like Doctors, Lawyers in the area. Good return in rentals. Call me 305 519-3199
0 votes
Steven Epste…, Agent, Coral Gables, FL
Fri Jan 24, 2014
Hi Thomas,

If you'd like professional advice from a 30+ yr experienced Broker, Investor, property manager for other, select, private clients and a homeowner myself, to help you find & buy the right properties please complete below and I'll schedule a no obligation consult with you.

Name: ___________________________________Email: ____________________________
Addr: ____________________________________ Phone: ___________________________

1) Do you own properties now? If so, what type of properties and where are they located?

2) What specific type of property are you looking for? -
As an investor myself I would not buy into condos; a) you don't have control over the condo assoc & tenant approval processing times that are up to 20-bus days by State Law; b) when the market crashes they are the 1st to go & they go the lowest; c) your appreciation rate is governed by what the bldg does, its management & board, of which you have little control or no control just for starters.

3) What is the geographic area that you would like to be in (they need to be specific)
All you've mentioned are prime areas and the price range you're looking in will not work very efficiently. Miami is a highly transient city, Miami Beach & Brickell being the highest of the 4. Gables and the Grove are more stable, except for your price points

4) What is your budget per property?
$200 - $300K ... you're better off putting your eggs into different baskets and trying to parlay and leverage your money with other peoples (i.e. finance your purchases)

5) Will you be financing your purchase or paying cash?
Very important consideration as to where, what, why & how ....

6) Will you sign a buyer representation agreement with me/Keyes? The reason is that many good investment properties are not listed and you will have to pay the buyers commission into the deal.

I'll see if I hear from you further to determine the next steps. Best regards,
0 votes
Yanoska Diaz, Agent, Miami, FL
Fri Jan 24, 2014
Hello again Thomas, since other agents have brought up other areas of interest, in case you may consider, I have 4 condos in excellent locations where tenancy will never be an issue, these condos will certainly perform at a much higher rate of return that any you would buy in the Gables, the Grove or Brickell. Please email me so that I send you the addresses. Thank you.
0 votes
Vicqui Zavala, Agent, Doral, FL
Fri Jan 24, 2014
Hola Thomas.
La mejor area para invertir y poder rentar rapidamente aqui en Miami sin duda alguna es el area donde cada dia hay mas personas que necesiten de viviendas, y que se puedan comprar propiedades a precios bajos pero que se puedan rentar a buen precio y de inmediato. Brickell, Miami Beach, Coral gables Coconut grove, Doral son areas donde yo compraria para vivir yo, mas no para invertir para rental.Aparte de Realtor siempre estoy invirtiendo en propiedades para rentar y no tengo ninguna en esas areas para la renta, solo tengo una en Doral que es donde vivo, las otras las tengo en otras areas.
Si deseas conocer mas donde son las mejores areas para invertir contactame directamente y te puedo ayudar.

Vicqui Zavala
Realtor Associate
Real Living. First Service Realty
Cell 786-553-3824
E-mail: vicquizavala.realtor@gmail.com
0 votes
Edward Amoros, Agent, Hialeah, FL
Fri Jan 24, 2014
Though Brickell, Miami Beach and the Grove are all great areas they are pretty expensive so finding a good property to rent out in a good area might be difficult. You may have to go a little higher than 300K. A good place to invest in income producing rental property would be closer to areas like FIU. FIU is one of the largest universities, if not the largest, in south Florida. You'll always have tenants to rent it out to because there are always students looking for off campus housing.
0 votes
Hello, I am also interested in the property which I could rent out to students. Pls e-mail me at Indira.mergali@gmail.com
Flag Sun Jun 28, 2015
Andre Shambl…, Agent, Miami, FL
Fri Jan 24, 2014
Thanks for your inquiry. All are great areas that provide quality of life transients look for when relocating to the area. However each area is unique and diverse. I recommend you also consider price per sq ft value to help determine overall value of investing in an particular area. Last, ideally you'd want a 2 bedroom. 2 bath which has proven track record of being more desirable.

For a consultation with one of our residential investment specialist call 786-704-8482; also visit our website for more information about south Florida neighborhoods and search new properties for sale.

Andre Shambley
The Condo Shop | Decorus Realty
0 votes
Tatiana Kolo…, Agent, Aventura, FL
Fri Jan 24, 2014
Hi Thomas,
I have personally written couple articles how the rental rate skyrocketed in Sunny Isles Beach and Aventura due immediate proximity to the beach . The rental rate itself increases 10%-15% every year. There are certain buildings withing your price range where you can also rent for a season and amost double the monthly rate during high pick season .
Brickell is another great place to invest.
Please let me know if I could help !
Tatiana Kolomiets Licenced Realtor
Web Reference:  Http://TatianaKolomiets.com
0 votes
Pablo Torres, Agent, Miami, FL
Fri Jan 24, 2014

Coral Gables, Coconut Grove and the Roads.

Feel free to contact me.

Kind regards,

Pablo Torres,MBA
AF Realty,LLC
0 votes
Ann Ryan, Agent, Doral, FL
Fri Jan 24, 2014
If you are looking for long-term renters, you will be better off in West Miami and/or Doral. We get a lot of folks relocating here for work, who don't intend on setting down permanent roots and buying a house, but who make excellent tenants. One specific market to target is members of the U.S. military attached to Southcom. They prefer single family homes where possible, or older townhomes (because they're usually more spacious and with more outdoor space) as a second best option.

Ann Ryan
Keyes Real Estate
0 votes
Yanoska Diaz, Agent, Miami, FL
Fri Jan 24, 2014
In my opinion, Brickell, the Gables and Coconut Grove, areas that I do service and know very well. Please visit my profile and choose to contact me so that I can further assist you.
0 votes
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