Best Airbnb Neighborhoods in Miami: Guide for Mainland Miami

Welcome to the all-encompassing guide designed explicitly for Airbnb hosts in mainland Miami. If you’re pondering where to situate your Airbnb for optimum returns, this guide will take you through the top neighborhoods on Miami’s mainland, not to be confused with Miami Beach. Based on an array of considerations—safety, local amenities, the type of guests each area attracts, and the main Airbnb metrics—we present you with a guide that aims to optimize your hosting experience.

1. Brickell – The Financial District with a Twist

Brickell is often termed the “Manhattan of the South,” and for a good reason. This bustling financial hub also offers a cosmopolitan lifestyle, making it appealing to both business travelers and tourists. If your property features modern, sleek design elements, this neighborhood is for you.

Explore Creating an Airbnb Oasis: Design and Decor Tips for Hosts.

Brickell Key Attractions: Mary Brickell Village, Brickell City Center, Simpson Park.

Key Airbnb Metrics analysis

The Airbnb short-term rental market in the Miami-Brickell neighborhood seems to be robust, but with variations based on specific types of properties, seasonal demand, and other factors. Below is a breakdown and analysis of each metric.

Airbnb Financial Metrics

Average Daily Rate (ADR): The ADR is $314.8, which suggests that the area generally commands high rental rates.
Max Daily Rate in March: $398.1 indicates that March is a peak month for rental rates due to seasonal factors such as spring break or other events.
Occupancy Rate: 61% is fairly strong but indicates room for growth or improvement.
Max Occupancy Rate in March: 71% suggests that March is also a peak month for occupancy, aligning with the max daily rate.
Max Revenue in March: $7,100 again emphasizes that March is a peak month for Airbnb hosts in this neighborhood.
RevPAR (Revenue Per Available Room): $201.2 is relatively high and indicates good overall profitability for the area.
Weekend RevPAR: $362.8 suggests that weekends are particularly profitable.

Airbnb Property Types and Sizes

Active Rentals: 1,845 active rentals suggest a competitive market.
Listings by Rental Type: Most are Entire Homes (95%), leaving only 5% as Private Rooms. This leans toward travelers seeking complete properties rather than shared spaces.
Listings by Rental Size: 1-bedroom and 2-bedroom properties dominate the market, making up 55% and 34%, respectively.

Airbnb Policies

Cancellation Policy: Strict policies are most common (59.1%), possibly due to the higher average daily rate and demand in the area.
Minimum Stay: Most properties (42.1%) allow for 1-night stays, offering flexibility for travelers.

Airbnb Revenue

Average Annual Revenue: $70.4K, with a growth rate of 4% from the past year.
Entire Place: $71.9K per year, but decreased by 6% from the past year.
House: $184.9K per year, with a significant increase of 52% from the past year.
Apartment: $66.6K per year, declining by 4% from the past year.

Key Takeaways

Seasonal Peaks: March is the most profitable month in terms of rate, occupancy, and overall revenue.
Property Type: Houses seem to be gaining in profitability significantly, whereas apartments have declined slightly.
Revenue: Overall, the average revenue is growing, but the growth is not uniform across different types of listings.

For those considering entering this market, understanding these metrics can offer valuable insights into how to optimize property type, pricing, and availability.

2. Coconut Grove – A Slice of Tranquility

A contrast to the business-oriented vibe of Brickell, Coconut Grove is for those who seek a peaceful, scenic neighborhood. Here, hosts with properties that feature gardens or natural elements will find an ideal market.

Check out Integrating Sustainability into Your Airbnb Business Model.

Coconut Grove Key Attractions: Vizcaya Museum and Gardens, Peacock Park, Coconut Grove Sailing Club.

Key Airbnb Metrics analysis

Airbnb Financial Metrics

Average Daily Rate (ADR): The average daily rate is $312.9, suggesting a high-value market, quite similar to the Miami-Brickell area.
Max Daily Rate in February: The maximum daily rate in February is $344.2, marking it as a peak month for daily rates.
Occupancy Rate: The occupancy rate is 63%, which is slightly higher than the Miami-Brickell neighborhood (61%).
Max Occupancy Rate in February: The max occupancy rate is 73% in February, marking it as a peak month for occupancy as well.
Max Revenue in March: The maximum monthly revenue in March is $5,900, making it a strong revenue month, although not the same as the peak occupancy and daily rate months.
RevPAR: The Revenue Per Available Room (RevPAR) is $190.7, a bit lower than the Miami-Brickell area.
Weekend RevPAR: Weekend RevPAR is $348.5, indicating higher profitability during weekends.

Airbnb Property Types and Sizes

Active Rentals: With 616 active rentals, the market is less saturated compared to Miami-Brickell.
Rental Types: 86% are Entire Homes and 14% are Private Rooms, showing a strong inclination toward Entire Homes but more variety compared to Miami-Brickell.
Rental Sizes: One-bedroom properties dominate with 57%, followed by two-bedroom properties at 20%.

Airbnb Policies

Cancellation Policy: A large majority (69.2%) have a strict cancellation policy, even higher than Miami-Brickell.
Minimum Stay: Over half (55.1%) of the listings have a one-night minimum stay, offering greater flexibility for travelers.

Airbnb Revenue Metrics

Average Annual Revenue: The average annual revenue is $72.1K, higher than Miami-Brickell, and showing a strong growth of 41% from the past year.
Entire Place: The revenue for entire places is $74K per year, with a significant increase of 32% from the past year.
House: The annual revenue for houses is $102.5K, but there’s been a decline of 6% from the past year.
Apartment: Apartments here average $61.2K in annual revenue, with a massive 47% growth from the past year.

Key Takeaways

Seasonal Variations: February appears to be the best month in terms of daily rates and occupancy, while March scores the highest in revenue.
Revenue Growth: The market in Coconut Grove is experiencing robust growth, especially for Entire Places and Apartments. The overall average annual revenue grew by 41%, indicating strong market health.
Diverse Offerings: Unlike Miami-Brickell, Coconut Grove has a higher percentage of private rooms and a broader array of property sizes.
Policies: With stricter cancellation policies and more flexibility in minimum stays, hosts seem to be optimizing for both commitment and accessibility.
Houses vs. Apartments: Unlike in Miami-Brickell, houses in Coconut Grove are seeing a decline in annual revenue, while apartments are experiencing a significant surge.
Weekend Revenue: High weekend RevPAR suggests that weekend stays are a major contributor to profitability.

In conclusion, the Miami-Coconut Grove Airbnb market appears to be thriving with strong growth metrics, especially for entire places and apartments. However, houses seem to be facing some challenges. It’s a slightly less saturated market compared to Miami-Brickell, offering more opportunities for new hosts. Overall, the area seems lucrative for short-term rentals, with different strengths and weaknesses compared to the Miami-Brickell market.

3. Little Havana – The Cultural Epicenter

For hosts whose properties resonate with cultural flavors, Little Havana offers a marketplace like no other. Famous for its Cuban heritage, this neighborhood guarantees a clientele interested in culture, music, and food.

Familiarize yourself with Airbnb Strategy for Peak Rental Season.

Key Attractions: Domino Park, Calle Ocho Walk of Fame, Tower Theater.

Key Airbnb Metrics analysis

Airbnb Financial Metrics

Average Daily Rate (ADR): The ADR is considerably lower at $178.5 compared to Coconut Grove and Brickell, suggesting a more budget-friendly market.
Max Daily Rate in March: The highest rate of $217.9 in March indicates that this month has peak demand, perhaps due to seasonal factors or events.
Occupancy Rate: At 58%, the occupancy rate is lower than in Coconut Grove and Brickell, suggesting less consistent demand or more supply.
Max Occupancy in March: Like other neighborhoods, March is a peak month for occupancy, reaching 70%.
Max Monthly Revenue in March: The highest monthly revenue is $4,000 in March, further establishing it as a lucrative month.
RevPAR: At $105.2, this is significantly lower than in the other neighborhoods, aligning with the lower ADR.
Weekend RevPAR: The rate jumps to $196.4 during weekends, suggesting a substantial increase in demand or pricing during those days.

Airbnb Property Types and Sizes

Active Rentals: With 610 active listings, the market is somewhat similar in size to Coconut Grove but smaller than Brickell.
Rental Types: A majority are Entire Homes (84%), with Private Rooms making up 14% and Shared Rooms at 2%.
Rental Sizes: The market is primarily composed of 1-bedroom (51%), 2-bedroom (33%) properties, with 3-bedroom properties taking a 10% share.

Airbnb Policies

Cancellation Policy: Over half (52%) have a strict cancellation policy, which is the lowest among the compared neighborhoods.
Minimum Stay: About 52.6% of listings have a one-night minimum, indicating flexibility for shorter stays.

Airbnb Revenue Metrics

Average Annual Revenue: The average annual revenue is much lower at $37.5K but has seen an increase of 11% from the past year.
Entire Place: These generate $41.5K per year but have seen a 1% decline compared to the past year.
House: Houses make around $50K per year and have remained stable in terms of revenue.
Apartment: Apartments are generating $32.9K per year, which is also stable compared to the previous year.

Key Takeaways

Budget-Friendly: Little Havana appears to be a more budget-friendly option for travelers compared to Coconut Grove and Brickell.
March as Peak Month: Like other neighborhoods, March stands out as the most profitable month in terms of daily rate, occupancy, and monthly revenue.
Revenue Growth: Despite lower rates, the market has seen a general increase in revenue, except for entire homes, which saw a slight decline.
Houses and Apartments: Both have stable revenues but are not experiencing the growth or decline seen in other neighborhoods.
Flexible Policies: Little Havana has the most flexible cancellation policies and minimum stay requirements among the compared neighborhoods.

In summary, the Little Havana Airbnb market is growing, albeit at a lower revenue point compared to Coconut Grove and Brickell. The area seems to cater more to budget-conscious travelers and offers a variety of property types and sizes. While it’s not as lucrative as the other neighborhoods in some metrics, it offers stability and a growing market for potential hosts.

4. Wynwood – The Booming Art District

Wynwood attracts a diverse crowd with its famous street art and indie culture. If your property boasts an artsy, creative ambiance, this neighborhood offers the perfect audience for you.

Read:

Wynwood Key Attractions: Wynwood Walls, Wynwood Yard, The Margulies Collection.

Key Airbnb Metrics analysis

Airbnb Financial Metrics

Average Daily Rate (ADR): The ADR of $231 is higher than Little Havana but lower than Coconut Grove and Brickell, positioning Wynwood as a mid-range market.
Max Daily Rate in December: The peak rate of $284.1 occurs in December, signaling high demand during the winter holiday season.
Occupancy Rate: At 59%, the occupancy rate is moderate, closely resembling other Miami neighborhoods.
Max Occupancy in March: March shows peak occupancy at 75%, consistent with other Miami neighborhoods.
Max Monthly Revenue in March: The highest monthly revenue is $5,200 in March, aligning with the peak occupancy rate.
RevPAR: The Revenue per Available Room is $143.8, positioning Wynwood in the mid-range among the neighborhoods discussed.
Weekend RevPAR: At $257.4, weekends are significantly more lucrative, echoing trends in other areas.

Airbnb Property Types and Sizes

Active Rentals: Wynwood has 594 active rentals, which is similar to Little Havana and Coconut Grove but smaller than Brickell.
Rental Types: The vast majority are Entire Homes (88%), with Private Rooms and Shared Rooms constituting 5% and 6%, respectively.
Rental Sizes: One-bedroom properties are the most common at 51%, followed by two-bedroom properties at 36%.

Airbnb Policies

Cancellation Policy: 54.4% of listings have a strict cancellation policy, somewhat comparable to Little Havana.
Minimum Stay: 41.7% of listings offer a one-night minimum stay, making it relatively flexible but less so than Little Havana.

Airbnb Revenue Metrics

Average Annual Revenue: The average revenue is $49.6K, which is higher than Little Havana but lower than Coconut Grove and Brickell. Growth is modest at 2% from last year.
Entire Place: These listings average $51.2K per year but have seen a 7% decline from last year.
House: Houses stand out with $69.9K per year and a substantial 32% growth from last year.
Apartment: Apartments make $45.6K per year but have declined by 6% from last year.

Key Takeaways

Mid-Range Market: Wynwood offers a mid-range price point, appealing to a different segment compared to more expensive neighborhoods like Coconut Grove and Brickell.
Peak in March and December: While March is the best month for occupancy and revenue, December shows the highest daily rates, offering two peak seasons.
Stable but Sluggish Growth: Overall revenue has grown by 2%, but certain property types like Entire Places and Apartments are seeing declines.
Houses as Winners: In contrast to the general trend, houses have seen significant growth in revenue, making them a compelling investment in this area.
Weekend Boost: Like other neighborhoods, weekends are especially profitable, as reflected by the higher RevPAR.

In summary, Wynwood offers a balanced market with both opportunities and challenges. It’s less flexible in terms of minimum stays compared to Little Havana but offers a middle-ground in terms of pricing and revenue. Houses are a promising investment, experiencing significant growth, while apartments and entire places face some challenges. Overall, it is a stable market with modest growth.

5. Coral Way – The Family-Friendly Pick

Ideal for families or longer-term stays, Coral Way offers a blend of modern and traditional vibes. If your property is spacious and accommodating, consider this neighborhood for a steady influx of guests.

It is interesting to read about Airbnb Family Friendly: Make Your Property Secure for Visitors with Kids.

Coral Way Key Attractions: Miracle Mile, Coral Gate Park, Shenandoah Park.

Key Airbnb Metrics analysis

Airbnb Financial Metrics

Average Daily Rate (ADR): The ADR stands at $246.3, which is higher than both Little Havana and Wynwood, suggesting a slightly more upmarket segment.
Max Daily Rate in March: The maximum rate peaks at $284.7 in March, aligning with the trend that March is a month of high demand.
Occupancy Rate: The occupancy rate is 62%, similar to other Miami neighborhoods but slightly higher than Little Havana and Wynwood.
Max Occupancy in March: March shows peak occupancy at 77%, which is among the highest for the neighborhoods compared.
Max Monthly Revenue in March: The highest monthly revenue is $5,500 in March, in line with the peak occupancy rate.
RevPAR: The Revenue per Available Room (RevPAR) is $155.6, placing Coral Way on the higher end among the neighborhoods.
Weekend RevPAR: At $281.8, the weekends are highly lucrative, matching trends in other areas.

Airbnb Property Types and Sizes

Active Rentals: With 1,136 active rentals, Coral Way has a larger market compared to Little Havana, Wynwood, and Coconut Grove.
Rental Types: The majority are Entire Homes (83%), with 17% being Private Rooms.
Rental Sizes: A mix of 1-bedroom (45%), 2-bedroom (24%), and 3-bedroom (18%) properties are available, offering a variety of options for travelers.

Airbnb Policies

Cancellation Policy: Around 56.6% of listings have a strict cancellation policy, comparable to other neighborhoods.
Minimum Stay: About 39.3% of listings offer a one-night minimum stay, indicating moderate flexibility.

Airbnb Revenue Metrics

Average Annual Revenue: The average annual revenue is $55.5K with a notable growth of 13% from the past year.
Entire Place: These listings make $63.2K per year but have seen a decline of 4% from the past year.
House: Houses earn about $65.1K per year and have seen a growth of 6% from the past year.
Apartment: Apartments have significantly dropped in revenue, making $40.2K per year, a 16% decline from the past year.

Key Takeaways

Larger Market: Coral Way has a significant number of active rentals compared to other neighborhoods, indicating a more expansive market.
March as Peak Month: Similar to other areas, March appears to be the best month for rentals in terms of both price and occupancy.
Strong Overall Growth: The area has seen a healthy overall growth of 13% in average annual revenue, although some property types like Apartments have experienced a decline.
Houses Hold Steady: While Entire Places have slightly declined in annual revenue, Houses have shown growth, making them a safer investment in this area.
Weekend Potential: Weekends in Coral Way are particularly profitable, as reflected by the high weekend RevPAR.

In summary, Coral Way offers a robust and growing market for Airbnb hosts, albeit with some challenges, especially for apartment rentals. The neighborhood presents a diverse range of property types and sizes and tends to attract a more upmarket clientele compared to Little Havana and Wynwood. Houses seem to be a relatively safe investment here, given their steady growth in revenue.

Conclusion for Airbnb Market Across Five Miami Neighborhoods

The Airbnb market in Miami is both varied and dynamic, with different neighborhoods offering distinct opportunities and challenges for hosts. Here are some key takeaways across the five neighborhoods—Brickell, Coconut Grove, Little Havana, Wynwood, and Coral Way:

Price Points Vary: Brickell commands the highest average daily rate at $314.8, reflecting its upscale positioning. At the lower end, Little Havana offers an average daily rate of $178.5, suggesting it may appeal to budget-conscious travelers.

Seasonal Trends: March consistently emerges as the peak month across all neighborhoods, with increased rates, occupancy, and revenue. This suggests that hosts across Miami should prepare for higher demand during this period.

Property Types and Sizes: Entire homes dominate almost all neighborhoods, making up 83% to 95% of listings. However, Coral Way and Little Havana offer more diverse types, including a noticeable percentage of private rooms.

Occupancy Rates: Coconut Grove has the highest occupancy rate at 63%, while Little Havana trails at 58%. These percentages offer insights into how frequently properties are likely to be rented out in each neighborhood.

Revenue Trends: Coral Way showed the most impressive year-over-year growth at 13%, while Wynwood had the most modest at 2%. Individual property types within neighborhoods also experienced varying fortunes. Houses in Wynwood, for example, saw a significant increase of 32% in annual revenue, whereas apartments declined by 6%.

Cancellation and Minimum Stay Policies: Cancellation policies are generally strict across all neighborhoods, ranging from 52% in Little Havana to 69.2% in Coconut Grove. The flexibility in minimum stay requirements is moderate across the board.

Investment Prospects: If revenue is a crucial concern, houses in Brickell present a lucrative option, averaging $184.9K per year. However, if you’re looking for growth, Coral Way and Coconut Grove have shown significant year-over-year revenue increases.

Target Markets: While Brickell and Coral Way may attract a more upscale clientele, neighborhoods like Little Havana and Wynwood might be more suited for budget travelers or those looking for a trendy, artsy environment.

In summary, Miami’s Airbnb market offers a range of opportunities, depending on your investment goals, preferred property type, and target customer base. Seasonal and weekend trends suggest potential for revenue optimization, while the variety in average daily rates and annual revenues across neighborhoods indicates that location is a critical factor in determining profitability. Careful consideration of these diverse market dynamics will be crucial for both new and existing hosts aiming to maximize their returns in Miami’s competitive short-term rental landscape.

Useful link: Airbnb Hosts’ Ultimate Guide to Exploring Miami and Best Condos for Airbnb Investment in Miami.

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