How Much Do Airbnbs Make in Miami?
Miami remains the first city most frequently visited by tourists; for Airbnb hosts, it is a very profitable market. With its sunny beaches, crazy nightlife, and very mixed culture, millions of visitors every year come—all for a potential Airbnb investment opportunity. But how much can one really earn with an Airbnb in Miami in 2024? Let's dive into the freshest data and trends.
Averages of Airbnb Earnings in Miami
The latest data shows a slight increase in average rental income from Airbnb in Miami. In fact, as of 2024, on average, an Airbnb host in Miami can make up to, if not more than $4,018 per month—quite a handsome amount of $48,216 per year. At the same time, it is important to understand that this number represents a city-wide average, with returns varying considerably based on factors such as location, property type, and occupancy rate.
For example, hosts in the Liberty City East neighborhood on average take in $3,123 in monthly rental income. On the higher end, popular tourist areas like Miami Beach can average $3,873 a month.
Neighborhood Breakdown
Miami's diverse neighborhoods hold different potentials for Airbnb hosting. Here's a breakdown of some key areas:
South Beach
Average Daily Rate: $340
Occupancy Rate: 61%
Max Occupancy Rate (March): 70%
Total Listings: 3,295
Average Revenue: $75,200 per year
Brickell
Average Daily Rate: $314.8
Occupancy Rate: 61%
Revenue Growth: 4%
Average Property Value: $617,249
Coconut Grove
Average Daily Rate: $312.9
Occupancy Rate: 63%
Total Listings: 616
Little Havana
Becoming more trendy with tourists who love cultural experiences
Lower hurdles to entry compared to some other more established neighborhoods
Wynwood
Attracts art lovers and other travelers who skew slightly younger
Becoming a legitimate Airbnb market in earnest thanks to its very distinct appeal
Factors that Will Affect Your Airbnb Profit in Miami
There are a few factors key to determining how much you will make
Where: Properties located in the best tourist areas, such as South Beach and Brickell, tend to have a higher average rate per night and occupancy.
Type of Property: Whole homes and apartments generally produce a higher revenue than private rooms or shared space rentals. In Miami, entire home listings generate, on average, an annual income of around $14,498.
Occupancy Rate: While citywide averages are around 56%, the best listings located in popular areas can easily exceed a 60% occupancy rate.
Seasonality: High season in Miami traditionally occurs between the months of November and April. During this time, hosts can command higher rates but must reduce prices during the low season.
Local Laws: Be sure to check local laws around short-term rentals, as this could affect your ability to operate an Airbnb in some communities.
Maximizing Your Miami Airbnb Profit
Do the following to maximize your Airbnb Miami return:
Optimize listing: Upload good-quality pictures, write good descriptions, and highlight/point out stand-out amenities.
Pricing competitively: Do your research on similar listings to make sure your nightly rate is appropriate for the area. Adapt rates based on seasonality and demand. Consider dynamic pricing tools to make sure your rates are optimized.
Guest great experiences: Support a quick response, clean with preserved places, leave considerations —touches of your own.
Use Airbnb Cleaning services: Make sure that your property will always be guest-ready and save you tons of time and energy by contracting with a reputable cleaning company such as Sparkly Maid Miami.
Focus on areas of high demand: Think about purchasing in neighborhoods with higher occupancy and good revenue potential, including South Beach, Brickell, or Coconut Grove.
Unique experiences to offer: Family days out to local interest or hidden gems, or something that your competitor does not offer to make your listing stand out.
Investment Trends and Opportunities
The Miami Airbnb market is set to explode in growth over the next several years. According to a recent report:
Within the next couple of years, more than 8,000 new units will be directed towards Airbnb type rentals, with 26 new condo projects in development.
Of the 12,000 condo units now being developed in downtown Miami, a representative for the Greater Miami Conventions and Visitors Bureau estimates that about 64 percent are small units, furnished, and designed for short-term rentals.
It's drawing in offshore buyers, primarily from Latin America, who are looking to invest their money in Airbnb opportunities.
In 2023, Miami still led the entire country with 9,300 Airbnb short-term rental listings per 100,000 residents. The monthly average number of units available reached 23,500 short-term rental listings, translating to a 14% year-over-year increase. Oversupply, as is expected, meant RevPAR took a hit, declining by 3% because of the increase in competition.
The Bottom Line
If you want to invest in an Airbnb in Miami, right now is the best time, as on average, Miami hosts make $48,216 a year. However, to be successful with this investment in the competitive market, location, type of property, and market trends need to be considered. You shall maximize your earnings with a focus on high demand and optimize your listing to create fabulous guest experiences that guarantee Airbnb success in the thriving Miami short-term rental market.
Also, note that the short-term rental landscape is highly dynamic. With the proper strategy in your Miami Airbnb investments and through investing a reasonable amount of time, you create a steady source of passive income with the right kind of potential for maximum return on investment.