Miami Real Estate Market Analysis

Miami is a major city located on the Atlantic Coast in southeastern Florida. With a population of 471,000, it is the principal, central, and most populous city of the South Florida metropolitan area, the most populous metropolis in the southeastern US. South Florida, also known as Greater Miami, is home to 6.1 million people, making it the 7th largest metro area in the nation. According to NeighborhoodScout, more than 70% of the city’s residents are renters rather than homeowners, which is beneficial to those considering investing in the Miami real estate market. This means long-term rental properties enjoy particularly high demand and occupancy rates, and so they can make for a profitable real estate investment in the city. 

Miami is a major center of finance, commerce, and international business. Many large national and international companies call the city home. The financial district in Downtown Miami has one of the largest concentrations of international banks in the US. Because of its proximity to Latin America, the city serves as the headquarters of Latin American operations for more than 1400 multinational corporations, including well-recognized names such as FedEx, Microsoft, and Visa. International trade plays an important role in the city’s economy. Due to its central location between the US and Latin America, Miami is known as the Cargo Gateway of the Americas. PortMiami and Miami International Airport are among the nation’s busiest ports of entry, especially for cargo from Latin American countries and the Carribean. Miami is also a major center for hospitals and clinics, and its Civic Center is emerging as a hub for research institutes, medical centers, and biotechnology industries. 

The tourism and entertainment industries are a vital part of the economy in Miami. Known as the Cruise Capital of the World, the port of Miami is the number one cruise passenger port in the world, offering vacationers a long list of fantastic destinations. Tourists are also drawn to the city’s numerous museums, theaters, entertainment venues, and performing arts centers. More than 23 million domestic and international tourists visited the city in 2018, contributing nearly $18 billion to the local economy. 

The Miami housing market was named the 12th most important US Market to Watch by PWC in its annual Emerging Trends in Real Estate: United States and Canada 2019 report. Miami’s Downtown is undergoing a multibillion dollar transformation, with multiple construction projects and countless development opportunities. The report highlights Miami’s unparalleled ability to attract global real estate investors, making it a top location for international homebuyers.