Miami, Florida Short-Term Rental Market Overview

Population: 454,000
Annual Visitors: 27,200,000
Total STRs: 17,930
ADR: $233.29

Visitor Profile

The typical visitor avatars to Miami, Florida, are vibrant adventurers and beach lovers seeking a mix of sun, sand, and cultural experiences. Many are drawn by the city’s world-famous beaches like South Beach, renowned for their lively atmosphere and Art Deco architecture, making it a hotspot for leisure and nightlife enthusiasts. These visitors often search for experiences related to outdoor adventures, arts, and entertainment, eager to explore Miami’s diverse neighborhoods such as Little Havana and the Design District. Family travelers and cultural explorers also come to enjoy interactive attractions, museums, and natural parks, including the nearby Everglades. For an overview of the top attractions and planning resources, hosts can refer to the official Miami & Miami Beach tourism site which highlights the city’s must-see landmarks, vibrant nightlife, and natural beauty, helping guests plan an unforgettable trip to this dynamic destination.

Top Attractions

Miami is a vibrant city renowned for its stunning beaches, diverse cultural scene, and lively nightlife. One of its most iconic attractions is South Beach, famous for its Art Deco architecture, lively boardwalk, and beautiful sandy shores that attract millions of sun-seekers and party-goers alike. The city also offers world-class art and cultural experiences, with landmarks like the Wynwood Walls—an outdoor gallery showcasing impressive murals and street art—and the historic Vizcaya Museum and Gardens, which provides a glimpse into Miami’s opulent past surrounded by lush gardens.

Beyond its cultural and architectural appeal, Miami is a gateway to natural wonders and outdoor adventures. Visitors can enjoy boat cruises in Biscayne Bay, explore the Everglades, or relax on its pristine beaches. For those interested in shopping and entertainment, areas like Bayside Marketplace combine retail therapy with lively music and dining options. Whether you’re seeking relaxation on the beach, cultural enrichment, or exciting nightlife, Miami’s diverse attractions and vibrant ambiance make it a top destination for travelers from around the world.

Regulations

Miami, Florida, enforces a regulatory framework for short-term rentals (STRs) that hosts must navigate carefully to operate legally and responsibly. This framework centers on ensuring safety, zoning compliance, and tax obligations, while balancing the interests of residents and tourists. Hosts should anticipate requirements involving licensing, adherence to location-specific rules, occupancy limits, and transparent tax remittance. Understanding these rules is crucial to avoid penalties and maintain a positive standing in the community.

Key Regulatory Considerations:

Licensing and Permits: Hosts must obtain a valid business tax receipt within Miami-Dade County and register their property as a short-term rental according to county regulations. This process typically involves an application to local authorities to confirm compliance with zoning and safety regulations. Renewal and fee details vary based on municipality and should be verified with local licensing departments.

Primary Residence Requirements: Miami-Dade County regulations generally require that short-term rental properties be the owner’s primary residence or comply with specific provisions if rental of non-primary residences is allowed. Limits on rental days per year may apply, often capping at 180 days for non-owner-occupied rentals, but exact terms should be confirmed as they can differ by local ordinance.

Zoning and Location: STRs are restricted to specific zoning districts that permit residential use. Certain high-density residential areas or those with condominium rules might impose additional restrictions or prohibitions on short-term rentals.

Occupancy, Health & Safety: Compliance with fire safety codes is mandatory, including the installation of smoke detectors, carbon monoxide alarms, and fire extinguishers. Occupancy limits are usually defined by the number of bedrooms and safety considerations, aiming to prevent overcrowding.

Tax Obligations: Hosts must collect and remit transient rental taxes as well as applicable sales taxes. Registration with state and local tax authorities is required to ensure lawful tax reporting and payment.

Operational Standards & Enforcement: Advertising must accurately reflect the registered status and comply with local laws. Noise, trash, and guest behavior ordinances are enforced to minimize disturbances. Violations can lead to fines, suspension, or revocation of licenses.

For the most current and legally binding information, property owners should consult the Miami-Dade County Official Short-Term Rental Regulations. This resource provides comprehensive guidance on compliance requirements and procedural details essential for STR hosts in Miami.

Miami, Florida Market Performance Trends

LTM Avg. Daily Rate$227.00
LTM Occupancy Rate66.7%
LTM Avg. Revenue$3,248

Miami, Florida Rental Market Insights

10-Year Market Growth

Booking Activity

  • 1-3 Months:60.7% Booked
  • 4-6 Months:50.5% Booked
  • 7-9 Months:50.9% Booked
  • 10-12 Months:19.5% Booked

Cancellation Policies

  • Flexible:28.9%
  • Moderate:27%
  • Strict:41.7%
  • Super Strict:41.7%
  • N/A:1.1%

Minimum Stay

  • 1 Day:5,512
  • 2 Days:3,186
  • 3 Days:1,898
  • 4-6 Days:1,343
  • 7-29 Days:967
  • 30+ Days:720

Miami, Florida Rental Market Composition

Entire Place by Beds

Common Rental Amenities

Guest Rating Highlights

  • Overall Rating:4.64 / 5
  • Cleanliness:4.69 / 5
  • Location:4.74 / 5
  • Value:4.61 / 5
  • Accuracy:4.73 / 5
  • Check-in:4.79 / 5
  • Communication:4.79 / 5

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