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Miami Real Estate – Should You Rent or Buy?

Miami Real Estate – Should You Rent or Buy?

When it comes to Miami real estate, one of the first things you’ll need to figure out is if you plan to rent or buy. This decision will generally dictate the location you look, the type of property you’re looking at, the general price you’re willing to pay and a number of other factors.

Rent Condos In Downtown Miami

If you’re thinking of renting, one of the more popular areas right now is the greater Downtown Miami area. Downtown Miami includes a number of points of interest like Bayside Marketplace, Bayfront Park, the Intercontinental Hotel, Miami-Dade College and the Heat Stadium. There is also a plethora of fine dining and nightlife such as Zuma, DB Bistro, Toro Toro, Area 31, and Tuyo to name a few.

With it’s many luxurious high rise condos and apartments, Downtown Miami has a huge variety of great places to rent at any budget. Some of the more popular buildings in Downtown Miami are Vizcayne, Centro, 1000 Museum, Atrium Luxury Apartments, Monarc at Met, 50 Biscayne, One Miami and many more. Condos and apartments in Downtown Miami can vary in price as well as quality. Epic is considered by many people to be one of the higher end buildings, and The Loft Downtown would be considered an entry-level condo development.

If you’re looking for something with a bit more of a view, there are a number of towers located on Biscayne Boulevard that overlook Bayfront Park and direct views of Biscayne Bay and the Atlantic Ocean.

Buying For Price

If you’re a budget conscious home buyer, there are a number of Miami neighborhoods that are ideal for you, for example Homestead, Miami Shores and Kendall. Finding a home in these areas will get you the most bang for your buck when it comes to things like square footage and home amenities. When identifying the best deals, one indicator to look at is median price per square foot for an area.

In Homestead, the median price per square foot is about $140, making it the most undervalued neighborhood in all of Miami. However, home values have also gone up about 12.3% over the past year, making it a safe investment as well. Miami Shores is another area with a lower median price per square foot at $338. Miami Shores also is very centrally located in Miami, close to great schools and the beach. North Miami Beach is also a great area to look at with a median price per square foot of $237 as it’s located near the beach, great shopping at the Aventura mall and many excellent schools.

“Miami Shores is one of those neighborhoods that is in between price categories, so it was mentioned by brokers in both the luxury and non-luxury fields,”  said Anthony Williams, special projects director for Bendixen & Amandi.

Buying As An Investment

If you’re thinking of buying a property in Miami as an investment, the Design District and Midtown are where you may be interested in looking. This area is rapidly becoming one of the most vibrant and popular areas in Miami and is also constantly being eyed for new developments.

“Residential properties in [this area] remain very well priced, especially when you consider how the Design District is becoming a booming cultural and commercial destination,” said Dacra Development CEO Craig Robins, in a Miami Herald article.

These areas of Miami have always been known for it’s creative businesses, vibrant architecture, excellent nightlife and unique culture, so it’s only a matter of time until property prices here begin to boom. Purchasing residential properties as investments in this area of Miami was one of the most suggested areas in regards to turning a profit 5 years down the road. 

Miami is also an excellent city to invest in properties as either long-term rentals or short-term rental properties due to the large amount of tourists. Also, in today’s market, more and more people are showing a preference for renting over buying, so owning a rental property is becoming a more and more secure investment.

Investment properties are becoming very popular as AirBnb properties. Many people are turning their small investment apartments and duplexes in to AirBnb rentals for tourists and making as much if not more than they would with a normal renter. Using AirBnb also means that you can decide to keep the apartment vacant at any point, so that you can use it for yourself whenever you choose to, which is not a luxury you have with a standard rental agreement.

Buying Miami Real Estate

You may also be looking to settle down with a family, or upgrade your current family home. If this is the case, you’ll want to consider things like schools, religious centers, activities, shopping and more as having these things nearby will be beneficial. If you’re happy with the area you’re in, but just want to upgrade your home, drive around different neighborhoods in your spare time and see if there are any areas that jump out to you. You may also get lucky and come across a “For Sale” sign.

The market for Miami single-family home investments has been on a steady rise in price for some time.  The inventory for single-family homes in Miami for sale is pretty low compared to the other kinds of Miami investment property, but that doesn’t mean there aren’t plenty of great deals out there. Look to North Miami Beach, Miami Gardens, Downtown Hollywood, and Hallandale Beach for really great single-family home deals near great schools and shopping.

If you’re interested in learning more about buying or renting a home or condo in Miami, homes in Aventura, or a home or condo anywhere else in South Florida, our experienced real estate agents are here to answer your questions. Find out more about what is best for you and your budget today.