The Local Investors’ Guide to Miami Real Estate

Smart people have long seen the enchanting possibilities of Miami — that’s even how it got its beloved moniker of Magic City. The tropical climate, vibrant neighborhoods and culture has made it one of the fastest growing rental and real estate markets in the country. 

If you own a single-family home or condo in Miami, or are considering a rental investment in the city, this guide will direct you to tips on everything from school districts to property taxes and rental management for Miami. 

Why Miami is a great place for rental investors with single-family homes

Demand for single-family rental homes is soaring across the country, with Americans of all generations wanting larger homes with outdoor spaces. While rents have grown significantly for single-family homes in all markets, CNBC reported that Miami homeowners have been the biggest winners, with single-family rents soaring over 36% (up from 2% the previous year). 

Housing affordability can be an issue when breaking into the Miami housing market as an investor. RealtyHop’s affordability index ranks Miami as the least affordable housing market in April 2023, beating out LA and New York. Affordability is calculated by the average earnings of Miami residents, estimating that potential buyers need to spend 80.46% of their monthly income on the cost of homeownership.

It's great news for people who own a rental home in Miami or have recently inherited a house in Miami. Because even as one of the least affordable rental markets, long-term renting is a better option than trying to break into the buyer’s market for many residents. This is keeping demand buoyant for rentals and should for some time.

Best school districts in Miami to own rental property

Single-family homes attract parents. If you’re interested in investing in Miami real estate, you’ll want to understand the role school districts play in how potential residents will evaluate your rental property.

Miami is home to the fourth largest school district in the country: Miami-Dade County Public Schools. The school district your home is located in can have a real impact on how potential residents value your property, impacting your pricing and return on investment. 

If you’re researching neighborhoods, check out our list of the best school districts in Miami, or check out sites like Niche and GreatSchools to do your homework on cities such as Orlando and Tampa. 

Read More: Best Miami School Districts To Own Rental Property

How much rent should I charge in Miami?

We’ve already established that the Miami rental market is red-hot, but how much rent is too much to ask? How do you price a Miami rental and optimize long-term rental income when the market has gone a bit mad? With realistic, real-time rent valuations. 

The simple fact is that the rental market in Miami isn’t the same market of years past. Property values have changed too much, we’re all playing a different game now. Yet, it seems this is news to the property management industry, who are still using a handful of comps to price Miami homes in this complex rental market.

Belong addresses these rapid changes by taking a modern approach to pricing homes on the rental market. In fact, Belong has ditched the property management model to offer a completely new approach to the rental market.

When helping homeowners in Miami, Belong uses technology to blend live market data with an all-important metric: real demand for each home. We determine the right price for your home that will maximize rental income and keep vacancies low, long-term. And because we extend our services to renters as part of our community, we attract the best of the best to place in your rental property. Learn more about real-time rental valuations for Miami in this article. 

Read More: The Realistic Way To Price a Miami Rental Home When The Market is Mad 

How much property tax will I pay in Florida?

Property taxes in Miami are collected by the Tax Collector's Public Service Office for Miami-Dade County. While the tax will vary per property, the average property tax rate for Florida is 0.89% (accurate as of August 2022). Compared to other states, this places Florida around the middle-range, ranked 23 out of 50 for the lowest property tax rate.

Who are the best property management companies in Miami?

The best way to ensure your investment home is well-kept and profitable is to find the best company to help you manage it. But when comparing the best property management companies across Florida, you’ll be looking at a handful of differences between them all. Things like how much they charge in management fees and how often you are going to get slogged for more (if they even tell you!). 

With Belong, there’s no comparison. Because Belong isn’t a property management company, it’s a completely unique experience that is humanizing the rental market. 

Belong does things differently in Miami, by offering owners of rental homes:

• Guaranteed Rent: Receive your rent on time, every month, regardless of when it’s paid by residents.
• 24/7 Concierge Support: Both homeowners and residents have access to real-time support, going beyond emergency maintenance requests.
• Transparent fees: No hidden costs like setup fees or lease renewal charges.
• Modern-day marketing: Virtual tours and video marketing is included in listings.
• User-friendly app: Belong's app provides convenient access to documentation, cash flow insights, and financial and insurance solutions. 
• Long-term residents: Belong takes a personalized approach to match the right people, so they stay longer and feel at home.
• Innovative financial solutions: Homeowners can manage cash flow effectively, even splitting the cost of maintenance and placement fees.
• Eviction protection: Owners are shielded from legal costs if we ever place the wrong people
• Extensive vendor network: Belong connects homeowners with a vetted network of over 10,000 professionals for repairs and renovations.
• Comprehensive insurance solutions: Belong offers insurance options that protect homeowners, their properties, and residents.
• Market-driven insights: Belong utilizes market data and real-time interest to maximize the value of your home.

Even though Belong topped the list (you can see the rankings here) when we compared Miami’s top-ranked property managers, it became clear we were comparing apples with oranges. 

Read More: Why Florida's Top-Rated Property Managers Are More 80s Than Miami Vice

Discover why Miami loves Belong

As a land of sunshine, high demand and low taxes, Florida is an attractive state to own a rental home. If you own a home in Miami, now is the time to find out if you’re eligible to join the Belong residential network. We specialize in single-family homes and condos, helping individual homeowners to achieve their financial goals in the rental market. 

Here is a snapshot of what Florida homeowners are saying about Belong…

Think your Florida home belongs with us? Check out one of our local homeowner pages below to see if you qualify:

• Miami
• Tampa
• Orlando
• Jacksonville
• Tallahassee (coming soon!)
• Everywhere else

To speak to someone about listing your rental home, you can also call 786-628-0600 (English) or 786-786-1073 (Español).