Why New Yorkers Are Investing in Miami Real Estate
Miami, Florida, is a hotspot for both work and play. Millions flood into the city each year to enjoy the rugged beauty of Everglades National Park or simply relax on some of South Florida’s most immaculate beaches, and Miami-Dade County provides jobs for 958,467 workers.
With robust population growth, a strong economy, and ample tourism, Miami is a natural fit for New Yorkers seeking sun and sand. These are the most pertinent reasons why New Yorkers find Miami a captivating opportunity for real estate investment.
Let’s delve deeper into NY reasons for buying Miami real estate.
New York Is Shrinking as Miami Grows
A key element of choosing a target market is considering population growth or decline, which is why many New York investors are wisely looking elsewhere after examining the demographics of the state.
545,500 people left New York state in 2022, with 91,201 of them moving to Florida. While the exodus slowed in 2023, an additional 78,000 also moved out, and many headed for sunnier climes. It’s no wonder that there are so many famous New York restauranteurs setting up shop in Miami, given the large influx of former NYC residents.
In contrast, Miami has seen a 0.83% increase in population since 2023, both from domestic and international sources. The high population growth demands new construction and shoots up property values, making it a perfect opportunity for the savvy investor.
Miami Residents Want to Stay Put – And Visitors Want to Come Again
Another key metric for those looking at long-term investments is how people feel about their residences, as this identifies whether there will be solid cash flow for both long-term and short-term rentals. Thankfully, Miami residents are delighted with their city: it was rated the happiest city in the United States in 2022 for the third straight year in a row. Major draws include the good weather, recreation, and vibrant multicultural communities.
Visitors also appreciate Miami; a survey by the Greater Miami Convention & Visitors Bureau found that 39% of all visitors stated that they were extremely satisfied with their visit, and 49% said that they would definitely like to visit again.
The same is not true for New York, which does not bode for those who would like to pour their funds into rentals here. Even those who stay in New York City may be seeking sunnier climes. The CBC Resident Survey, published in March 2024, noted that only 30% of New Yorkers report that they have a good quality of life, with one-third reporting their quality life as poor. Many are unsatisfied with the quality of public services, the way that their tax dollars are being used, and the overall safety of the city.
A Powerful Economy Shows No Sign of Slowing Down
Miami’s hot economy cannot be understated; it’s the largest urban economy in Florida and in the top ten across the US overall, bringing in a GDP of $483.75 billion per year.
The city’s largest employment sectors include management, sales, and office work, all of which are highly lucrative industries that command high incomes. The hospitality industry is also strong here; the Port of Miami has been the launchpad of some of the world’s largest cruise lines for over 20 years.
Local business leaders see a rosy future for Miami, especially in the tech sector. Companies in the Miami-Ft. Lauderdale area captured $74 billion in investments for their ventures, and Miami is home to the Emerge Americas conference, which saw 20,000 attendees in 2022. As tech workers move in to take advantage of high salaries, long-term rental investors will enjoy record profits, while those seeking short-term rental opportunities can always rely on the enormous tourism market to satisfy their cash flow.
Tourism Ensures Excellent Short-Term Rental Options
Miami has long been known as the playground of the rich and beautiful, which is why over 26 million visitors flock to its beaches and restaurants every year. There are plentiful options for visitors, whether that is the French cabaret-inspired Le Rouge Lounge or the renowned Gordon Ramsay Hell’s Kitchen Miami.
There is more to do than simply eat in Miami, though, including both outdoor leisure and indoor exploration. Over 1 million people head to the nearby Everglades National Park to admire the tranquil scenery of this unique biome, while others enjoy boating in Biscayne Bay or visiting some of the boutique museums, such as The Bass and the Vizcaya Museum & Gardens.
So many visitors means that there are ample pre-construction investment options for those wanting to set their stake in Miami. One of these is the Viceroy Brickell —The Residences, set to be delivered in 2026. Developed by the legendary Viceroy hospitality brand, this provides investors with sumptuous short-term condominium options while offering hotel-like services to residents and their guests. In addition, its location is supreme, so the new construction prices will be even higher.
Conclusion
New York has many strengths, but it is quickly being overshadowed by other, sunnier markets, including Miami, Florida. Investments are pouring into the Magic City, and there is an abundance of new constructions ready for real estate moguls to explore. With high population growth, great quality of life, a strong economy, and ample tourism, investors would be wise to seek out one of the numerous pre-constructions that are set to surge in popularity.
