Miami Florida Vacation Rental Management
Income Estimates And Tips To Run a Successful Short Term Rental in Miami, Updated October 2024
Rent Your Vacation Home or Condo in Miami, Florida
There are many positive trends associated with short-term vacation rental in Miami. First, it is a great way to make extra money while you are away (and one of the easiest ways to do so). Second, it can be an effective way of marketing your home. And third, it can be a great way to attract new visitors and provide them with a unique experience. So, if you’re willing to put in the work, short-term vacation rental in Miami can be a great way to earn some extra income while you are away. And don’t forget that it is also a great way to market your home as well! There are many different types of short-term vacation rentals available in Miami. You can choose from a wide range of options when it comes to choosing your short-term vacation rental. For example, you can rent out your entire home or just one room. You can also choose from different types of properties – from shared apartments to condos to villas to more traditional houses. And you can choose from different price ranges too – from affordable stays for under $100 per night all the way up to luxurious stays for over $1,000 per night.
When partnering with RedAwning for your property management needs, we can make sure your Miami rental is set up correctly and ready to generate the most amount of revenue possible per stay.
Current Vacation Rental Trends in Miami
During the month of November, Miami and areas including South Beach, Brickell, Downtown Miami, Sunny Isles Beach, Edgewater, Coral Way, Upper East Side, Wynwood, Doral, Little Havana, Buena Vista, Coconut Grove, Central Dade, Coral Gables, North Miami, Aventura, North Miami Beach, North Bay Village, Allapattah, Midtown, Miami Gardens, Flagami, West Flagler, Little Haiti, Ojus, Fountainbleau, Liberty City, Ives Estates, Golden Glades, Auburdale, Hammocks, South Miami, Miami Shores, Bay Harbor Islands, Cutler Bay, Glenvar Heights, and Westchester are projected to generate over $211/night for a 2 bedroom vacation rental, on average! There were 14,587 vacation active rental properties in Miami. 12,571 are renting the entire place, and 2,016 are shared rooms. On average, during the month of November 2023, each vacation rental property in Miami is booked 59% of the time, and most hosts are projected to generate $2,687 or more during the month of November! See how much you could earn with our free vacation rental income calculator.
tag
$211.00 Per Night*
calendar
58% Occupied*
gauge
$2,687.00 Per Month*
* Based on the median average of all vacation rentals in the Miami area.
Get a free estimate for your home or condo.
Get a free estimate for your home or condo.
Featured Miami Vacation Rental Generating Record Profits With RedAwning
Private Luxury Spanish Style Home w private pool sleeps up to 10 Starting at $277 to $2,140 per night!
Description:
This expansive, luxury, private Spanish-style home, is located in one of Miami’s Prime locations, in Highland Lakes area, offering 3400sq.ft. of space and accommodates up to 10 people comfortably. 7 bedrooms, 3 full bathrooms, open gourmet kitchen with gorgeous granite countertops, double wall oven, gas stovetop range and fully stocked with everything you need. Marble Travertine Floors gleaming throughout, modern furniture, Wi-Fi, a flat 65” TV in living room and a TV's in the... Read More
This Miami vacation home is presented on every travel website, where travelers are looking to book accommodations (Airbnb, VRBO, Expedia, Google Travel, and hundreds more). And, with RedAwning's dynamic pricing, daily rates are adjusted based on seasonality and demand in Miami.
Successful short-term vacation rentals in Miami, Florida
Miami is known for its beaches, eclectic neighborhoods, and lively nightlife. It’s also becoming a popular destination for short-term vacation rentals. With an increasing number of visitors flocking to the area each year, there are plenty of opportunities for homeowners looking to make money renting out their properties. To get started, you need to first check whether it’s legal in your area to rent out your property as a short-term vacation rental. In most parts of Miami, it’s not. However, Miami Beach has some limited regulations regarding short-term vacation rentals. If you decide to go ahead with the rental plan, you should also consider renting out your home through an online platform like Airbnb or VRBO. Doing so will help you reach a wider audience and minimize the risk of getting into trouble with the authorities.
Tourism is one of the most important industries in Miami and a large part of the tourism industry is short term rentals. In fact, short term rentals are one of Miami’s largest industries. According to the Short Term Rental Association, short term rentals in Miami made up about 5% of all home rentals in 2017. That’s a lot of money! One of the main reasons that short term rentals are so popular in Miami is because they offer additional revenue opportunities. For example, many people choose to book a short term rental when they want to go on vacation. But there are also other reasons why people rent out their homes as short term rentals. For example, some people may rent out their homes as a way to make extra money. And others may rent out their homes when they are going through a difficult time in their lives and need a chance to relax and unwind for a few days or weeks. Whatever your reason for renting out your home as a short-term rental, it can be a great opportunity to make some extra money.
RedAwning takes the guess-work out of Miami property management, and we work with you to ensure your Miami short-term rental is set up perfectly to attract guests and maximize your rental revenue, from day-one.
See how much your Miami vacation rental could earn:
Revenue Projections for Vacation Rentals in Miami, Florida during December, 2023
Based on a 2 bedroom, which is the most common Miami vacation rental home size, we've come up with an estimated rental amount you could charge per night and how much demand there is for each day in December. Higher bars below can command higher prices, if your Miami vacation rental is available during these days.
$34784%1st
$35384%2nd
$32883%3rd
$31983%4th
$32383%5th
$33784%6th
$38087%7th
$41789%8th
$41989%9th
$35684%10th
$30280%11th
$29179%12th
$29479%13th
$30579%14th
$33681%15th
$33781%16th
$31080%17th
$29879%18th
$30179%19th
$30680%20th
$33680%21st
$38282%22nd
$40183%23rd
$40084%24th
$39184%25th
$38585%26th
$38885%27th
$40985%28th
$47086%29th
$47886%30th
$45685%31st
Average Daily Price & Percent Occupied Next Month In Miami
Note: These averages are based on a 2 bedroom home in Miami. If you'd like to find out how much revenue your home could make by providing the number of bedrooms and specifics about your vacation rental, please try our free vacation rental calculator and/or speak with one of our vacation rental experts about your vacation home, condo or unique vacation rental experience.
Interested in learning how you can maximize your vacation rental revenue in Miami, Florida?
If you are a speculative home buyer or have another home in Florida, check out our other Florida Vacation Rental Management reports in Bradenton Beach, Bradenton, Brooksville, Cape Canaveral, Captiva, Clearwater Beach, Clearwater, Clermont, Cocoa Beach, Dade City, Dania, Davenport, Daytona Beach, Englewood, Fort Lauderdale, Fort Myers, Haines City, Hollywood, Jacksonville Beach, Jacksonville, Jensen Beach, Key West, Kissimmee, Marathon, Marco Island, Miami Beach, Orlando, Naples, Navarre, New Port Richey, North Weeki Wachee, Palm Beach, Pompano Beach, Punta Gorda, Saint Petersburg, Sanibel, Sarasota, Satellite Beach, St. Augustine, St. Petersburg, Stuart, Surfside, Tampa, Vero Beach, West Palm Beach, Ft. Walton, Destin, Panama City Beach, Miramar, Siesta Key, Palm Coast, Flagler Beach, Georgetown, Datona Beach, New Smyrna Beach, Oak Hill, Melborne, Palm Bay, Fort Pierce, Delray Beach, Boca Raton, Brunswick, Hudson, Venice, Boca Grande, Bonita Springs, Everglades City, Okaloosa Island, Cape Coral, Daytona, Port St. Joe, Crystal River, Gainesville, Fort Myers Beach, Fort Walton Beach, Fernandina Beach, Santa Rosa Beach, Holmes Beach, Cape Haze, Saint Augustine, Miramar Beach, Treasure Island, Anna Maria, Inlet Beach, Navarre Beach, Inverness, Champions Gate, Hollywood Beach, Sunny Isles, Placida, Seacrest Beach, Rosemary Beach, Haines, Sunny Isles Beach, Indian Rocks Beach, Daytona Beach Shores, Okeechobee, Longboat Key, Reunion, Palm Harbor, Providence, Lake Buena Vista, Hernando, Cortez, Oakland Park, Melbourne, Seagrove Beach, Four Corners, Ft Myers Beach, Ormond Beach, Panama City, Crescent City, Largo, Davnport, Blue Mountain Beach, Saint Augustine Beach, Panama Beach City, Champion Gate, St. Pete Beach, Plantation, Kissimmiee, Kissimme, Marco Isand, Palmetto, Marco, Mirimar Beach, St Augustine, Hallandale Beach, Seminole, Indian Shores, Dvenport, Deltona, Dunedin, Ft. Myers Beach, Rotonda West, Lauderdale, Hainescity, Eastpoint, Grayton Beach, Seaside, Pensacola Beach, Lake Placid, Shalimar, Port St. Lucie, Winter Haven, Ocala, Pensacola, Wilton Manors, Davie, Port Richey, Ocoee, Horseshoe Beach, North Miami Beach, Margate, Lehigh Acres, Lake Panasoffkee, Cutler Bay, Haverhill, Lake Wales, Golden Beach, Sea Ranch Lakes, Port Charlotte, Miami Lakes, Floral City, Homestead, St. Cloud, Orange Park, Gulf Breeze, North Port, Lighthouse Point, Hawthorne, Tarpon Springs, Duck Key, Riviera Beach, Dunnellon, South Daytona, Tamarac, Tallahassee, Auburndale, Pine Hills, Sebastian, Brandon, Fernandina, Cape San Blas, Cabo Coral, Sebring, Fort White, Interlachen, Saint James City, Pt Canaveral, Doral, Indialantic, Ind Hbr Bch, Homosassa Springs, Ruskin, Plant City, Poinciana, Quail Heights, Temple Terr, Miami Gardens, West Miami, Vlg Wellingtn, Ponte Vedra Beach, Coral Springs, Deerfield Beach, Spring Hill, Saint Aug Beach, and Palmetto Bay, Florida or view all of our vacation rental market reports
