Back in February, there was an article in the Miami
New Times about Miami having the largest percentage of residents renting their
homes than any other metro area in the country – a whopping 65 percent. The
article stated “according to a new report from New York University's Furman
Center and Capital One Financial Corp, 65 percent of Miamians rented in 2013,
slightly ahead of the 64 percent of New Yorkers who rented. For Miami, that's a
5 percent increase since 2006.”
Miami is in the midst of undergoing a major overhaul in
terms of development especially in the areas surrounding the Midtown area of
Miami. In addition to the highly sought
after areas of Brickell and Downtown, Midtown and the Design District have
become more popular with people in search of rentals. This makes these areas
more appealing to investors in search of real estate to buy as investments for
rental property.
With this in mind, here are a handful of condominiums in the
Design District and Midtown that present the opportunity for investors to buy
units that are affordable, easy to rent and offer more potential for a good
return on their investment.
IOS on the Bay, 720 North 62nd
Street
Probably the most appealing attribute of IOS on the Bay is
the fact that it is a boutique condominium with a total of only 43 residences
comprised of 23 floor plans – never mind that it sits on the Bay. The building itself exudes a modern design
with clean and simple lines that blend perfectly with the free flow of its
Biscayne Bay backdrop. Residents can
enjoy a peaceful life in one, two and three-bedroom units ranging in size from
just under 700 square feet to over 1,900 square feet that offer beautiful Bay
and city views. Inside each residence, owners can expect to find a very contemporary
interior design with very slick kitchens with stainless steel appliances, stone
counter tops and more as well as master bathrooms with glass-walled showers and
pebble floors. IOS on the Bay exudes a
very evident yet understated “cool factor.”
As for list prices, they typically range anywhere from the mid to
upper-$200s to upper-$600s depending on the location of the unit and the view
from the expansive balcony. Additionally,
the average number of days on the market is just over 60 days (based on sales
in the last six months). As for rentals, they are snapped up fairly
quickly when listed. Recently rented
units show that monthly rental rates start at about $1,600 for a one-bedroom
and climb $6,500 for a three-bedroom penthouse with rooftop terrace.
MIDBLOCK at Midtown, 3250 NE 1st
Avenue
Featured in our blog in 2014, MIDBLOCK is a unique
condominium situated in the heart of Midtown and features a mix of condominium
units, lofts and townhouse residences.
Its most interesting architectural features are probably the glass
rotunda around which the rest of the building stands and how the design of the
units are built with a live/work dynamic which appeals to many today. Because of its central location, Miami
residents like this condominium since it is close to the other new
neighborhoods of Edgewater and the posh Design District as well as Brickell and
Downtown. There are tons of amenities
that rival five-star luxury condominiums from 24-hour valet and concierge to a
state of the art fitness center to a rooftop terrace swimming pool that offer
amazing views. List prices usually range from the mid-$300s to the upper-$500s
with the average price per square foot at about $430. Rental rates start at about $2,000 for a
one-bedroom and about $2,600 two-bedrooms.
Recent rentals show that they take about 60 days to rent.
Uptown Lofts, 2275 Biscayne Boulevard
Although Uptown Lofts is now considered to be in Edgewater,
it is a very popular Midtown Miami condominium with lots of character and
individuality. Located just a few blocks
from the Performing Arts Center, these
residences each have two balconies, open and airy layouts and 10+ foot high
ceilings – they are lofts after all! Building amenities consist of a pool with
recreation deck, fitness center, covered assigned parking, storage, and
more. Buyers can choose from studios,
one and two-bedroom units with list prices starting in the mid-$200s and reach
$400K. Monthly rental rates start at about $1,500 and
top $3,500. Uptown Lofts is an excellent
option for investors as renters often seek out this condominium because of its
eclectic appeal along with the affordability and location.
Continued Increase in Renters
The large number of condominiums makes for many options when
considering renting in Miami. With the
continued increase in renters comes the increase in rental rates. Luckily, there is a huge increase in development
of condominiums in areas surrounding Midtown (i.e. Edgewater, Design District,
Brickell, Downtown).
