When it comes to the property market, everyone wants to know what the next big trend is. But just look under your nose and you might realize why the Miami property management market is booming.
Sun, sea, beaches and five-star entertainment; there are some destinations that have it all, like say Miami.
So it’s no surprise that Miami continues to buck the market trend, as one of the key destinations for inward investment in 2022. Testament to this, the city celebrated its highest January sales this year according to the Miami Association of Realtors, from both domestic and international homebuyers.
Whether you’re thinking about getting into Miami property management, or renting out your property to maximize income, here’s some insight into why Miami real estate is booming right now.
Florida’s low taxes
One of the big draws to Miami is its low tax rate, which is currently set at 5.5%. According to a recent report, Florida boasts the “sixth-lowest tax burden in the U.S. and ranked 44th in individual income tax burden and 45th in overall tax burden.” It’s easy to see why it’s an attractive destination to live or invest in.
Finally and rather importantly Florida is a “no state income tax” state — only one of seven in the U.S. Need we say more!
One of the big changes, thanks to the global pandemic, is the way we work. Remote working has become the new norm for many professionals, and is very much here to stay. A report published in Forbes shows that today a quarter of all professionals now work remotely. With this comes greater flexibility around lifestyle choices, such as where to live and base yourself from. With its stunning climate, great international connections and affordable real estate, Miami has become somewhat of a magnet to investors and Miami property management companies.
Low mortgage rates
Over the past two years, real estate in Miami has continued to break records, in no small part due to low mortgage rates. At the start of the pandemic mortgage rates were the lowest they had been in ten years. This favorable financing has continued to pull in buyers, and attract Miami property managers to the area.
A top trend that Miami property managers are seeing right now, is an influx of talent relocating to the city for work. Hand-in-hand with this, the city is enjoying an influx of investment from the tech industry, with brands such as Blockchain bringing their presence to the city. There’s even a suggestion that Miami could be the new ‘Silicon Valley’ which is no surprise with the first Bitcoin convention taking place this year in the city.
But perhaps most compelling of all, given the past two years, the emphasis on living somewhere you love has never been more important.
Florida’s healthy lifestyle, glorious weather and five-star restaurants and bars make it a highly attractive place to live. That’s not all, the area has seen an impressive uptick in its facilities for families, be it shopping malls, schools and activities in the area, helping to expand its appeal beyond the youth and senior market. This has accounted for 2.7 million new residents to the city since 2010 alone.
Miami has proven its credentials as a city to play and stay in. Attracting heavy hitters in the business world, and the subsequent talent it has brought to the city, has seen a surge in real estate demand, especially in the rental market. If there was ever the right time to invest in a buy-to-rent, the time is surely now.
Villazzo Realtor is one of the leading experts in local Miami property management. Get in touch today to find out how we can bring our knowledge to your property.