The best cities in Florida to invest in this 2020

Miami is considered one of the best cities in Florida to invest in. At Miami Riches, we show you the attractions and benefits of its different areas for you to discover where to invest in 2020.

The city of Miami is surrounded by several areas that show their style, ranging from the financial district to the district of the arts. This is our list of the 5 most popular districts to invest in the upcoming year:

Brickell

Located in downtown Miami, Brickell is South Florida's premier financial district. An urban neighborhood, adorned with luxurious buildings, offices, hotels, and a multicultural selection of cafes, restaurants, and clubs that make it the favorite place for locals, tourists, and entrepreneurs, as well as the residence of a large number of millennials.

Midtown

One of the fastest-growing areas in the city, Midtown is the perfect area for those who enjoy the balance between good living, fashion, and the arts. With its streets full of life, its surroundings breathe a cultural diversity that has enriched each of its spaces, which is why you can taste a variety of dishes and beverages, find any architectural style, trends in decoration, or simply witness their daily activities on the spot.

Wyndwood

Better known as the Wynwood Arts District, thanks to Tony Goldman, who saw the artistic potential of the area in its purest representation, graffiti. After years of exploration, in 2009, the still celebrated exhibition, Wynwood Walls, opened. Thus in 2016, Wynwood was proud to celebrate its second spring as a fashionable neighborhood of the city.

Downtown

Downtown Miami refers to the center of the city; it is one of the neighborhoods in Miami characterized by its high buildings and views of Biscayne Bay. Dazzling skyscrapers, business centers, conventions, and meeting centers with unsurpassed views of the sea make this place a jewel.

Edgewater

The Edgewater neighborhood is accompanied by its characteristic skyscrapers, modern buildings that are under development, and the strong artistic movement that is felt there by the proximity to Midtown Miami and Miami Design District. It is on the edge of the bay, which makes it an area of great interest to domestic and foreign investors who project into this neighborhood.

Miami Becomes Top Metro Area in the Country with Most Renters

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 62^nd 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.

For Sale at IOS on the Bay

MIDBLOCK at Midtown, 3250 NE 1^st 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. 

MIDBLOCK Available Rentals

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.

For Rent at Uptown Lofts

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).