Miami Beach - Short Term Vacation Rental

[Jon Johnnidis]

Hi BP community. After Years of interest and months of research I've officially signed the contract and money is in escrow on 1b/1ba pre-construction condo in Miami Beach steps from Lincoln road and about a 5 minute walk to the ocean. I've experienced great success with an Airbnb rental in Brooklyn I ran for 6 years so my plan is utilizing the STR/vacation appeal of the location for affluent couples or solo travelers looking to be in the middle of south beach. It's a 22 unit complex all brand new but no pool or major amenities so HOA fees are very low, about $350 which includes insurance. The analysis gives me a good ROÍ, around 10-12% with 70% occupancy at the $200-250/night range. Units won't be ready until August/September so gearing up for high season (October-Mayish)

My interest in this post is to connect with anyone who may have experience in the market to tell me about the down season in addition to any marketing tactics being used to keep occupancy as low as possible for STR. For a brand new unit, is 200-250 range realistic? Appreciate any initial thoughts and advice!