How Miami’s Luxury Short-Term Rental Industry Is Growing The National Market

According to the Miami Association of Realtors and the Multiple Listing Service, Miami’s luxury real estate market continues to thrive, with February 2023 statistics revealing a surge in domestic and international migration. Compared to pre-pandemic 2019 transactions, Miami-Dade luxury transactions rose by 111.5% to 258 in February 2023. The real estate market’s fundamentals remain strong, and sellers are increasingly flexible with negotiations. With a high rate of migration and significant cash transactions, the region’s real estate market continues to appreciate. A total of 67.1% of Miami-Dade luxury buyers pay all cash.

As a result, Miami has become a preferred location for buyers from high-tax, high-density states. The state of Florida ranked No.1 in the US in terms of net gain in adjusted gross income due to domestic migration, gaining $23.7 billion, according to the latest IRS-SOI migration data. Additionally, Miami remains a bargain for prime property compared to other global cities. For $1M, homebuyers can purchase 64 square meters of prime property in Miami, which is almost four times more than Monaco, nearly two times more than New York and London, and more than Paris, Sydney, and Tokyo. Total pending sales rose 16.9% month-over-month, from 2,288 in January 2023 to 2,674 in February 2023, indicating a healthy market in the future. However, Miami’s February 2023 total sales decreased by 39.9% year-over-year due to inventory shortage and higher rates in specific price points.

It is no surprise that Miami is an ideal city for real estate investors. The demand for luxury real estate in Miami is powering its recent vacation rental revolution. Miami has emerged as the epicenter of the growing short-term rental industry as strong investor incentives intersect with intense demand for Miami’s luxury lifestyle opportunities. The city offers a unique blend of gorgeous weather, international culture, and luxury experiences. From its stunning beaches and Michelin-starred restaurants to its vibrant nightlife and luxury yachting scene, Miami is America’s hottest city.

Meet Robert Melo, the accomplished entrepreneur and real estate agent, who hails from New York City but has called Miami his home for the last 15 years. With his outstanding business acumen, Robert has already made a significant mark in the industry. One of Robert’s most notable achievements was leading the partnership between Marriott, the largest hotel chain in the world, and Luxuri, a Miami-based company that offers real estate brokerage, vacation rental, property management, and luxury concierge services. Now close to 100 of Luxuri’s premier and ultra-private vacation rental villas will be accessible via the Marriott’s platform. With this new partnership, the Marriott’s customer base will find Luxuri’s top properties in Miami available for short-term vacation rentals, using points if they want. While this partnership is exciting for Luxuri as it brings a wealth of potential clients into its network, the partnership is equally as exciting for Marriott since it can leverage Luxuri’s unparalleled roster of Miami-based mansions during this time of unprecedented demand.

Luxuri was founded by Jonathan Campau, with Or Dori and Larry Shinbaum heading the property management and brokerage divisions respectively. Luxuri is well-known for providing access to top mansions and waterfront villas in Miami in addition to its premier concierge services facilitating any ask from reservations to luxury car rentals to yacht charters and beyond as the Luxuri team has cultivated intimate relationships with the decision-makers at establishments such as Mr. Jones, Papi Steak, LIV, Story, E11EVEN, and more. What sets Luxuri apart is its integrated services. Clients who rent a waterfront villa from Luxuri can later decide to use their brokerage services to buy their own vacation rental home and turn it into a revenue-generating asset as Luxuri rents it out to other clients. Simply put, Luxuri can turn premier vacations into opportunities for ownership and profit.

Robert has quickly become the go-to partner for both novice and experienced investors. His unparalleled professionalism, unwavering integrity, and tenacity are evident in every deal he undertakes. With a track record of ensuring client satisfaction, Robert has earned a reputation as a trustworthy and reliable professional in the industry.

Robert is a licensed Realtor with Luxuri International. You can connect with Robert at melo@luxuri.com and @melosellsmiami on social platforms.

Written in partnership with Jordan Finkle