Owning a rental home in Miami can generate a significant source of secondary income. According to the South Florida Business Journal, Miami is one of the most profitable cities for short-term rentals. If you are interested in owning rental property in Miami, here are six reasons to take the plunge.
Top Tourism Destination
According to U.S. News, Miami is the second most popular US city for nightlife. Many party goers want accommodations that feel like home after a long night, rather than a stuffy hotel room. In addition, Miami is also a top destination for vacationers who want a relaxing beach getaway. Whether snow-birds are renting long-term or millennials are down for a short weekend, rental homes are always in high demand.
Earn High Dollar Value
Miami is one of the most expensive cities for short and long-term rentals. While tourists and vacationers pay top dollar, this turns into stronger secondary income for Miami rental home owners. If you are going to own real estate for rental homes, why not choose a high earning location like Miami?
Easy Beach Access
Miami beaches are highly desired, so properties in close proximity are in high demand. High demand helps drive up rental home prices, generating more income for owners. There are plenty of management companies to help manage rental properties, creating less work for you.
Secondary Income at Less Risk
Owning a second home in a top tourist destination typically appreciates over time. This means the value will increase, generating higher returns in secondary income. Owners can also add value to rental properties by updating features such as paint, flooring, and appliances.
Tax Deductions for Rental Home
Real estate costs such as mortgage and interest payments, home insurance, and property taxes can provide tax deductions annually. By lowering the amount of taxes owed, you can keep more money in your pocket. However, there are stipulations for the tax deductions based on the number of days the property is rented and lived in by the owner, so make sure to acquire the help of a tax professional.
Vacation in Your Backyard
Finally, one of the best reasons for owning a rental home in Miami is that you can use the property for your own personal vacation. Knowing you can block off time and save costs by using housing you already own can decrease stress. You also may be more inclined to take vacation days knowing that your housing is already reserved.
If you are ready to dive into owning a rental home in the Miami area, then contact Jessica Nasib today. Her team is experienced and happy to help you find the perfect fit. Give them a call today.