Since it's always hot, Miami will always be a top vacation spot! Since 2021, the city has seen an increase in international tourism, which will likely continue. Not to mention, there's always an influx of domestic tourism to the "Magic City."
If you've got a portfolio of vacation rentals, now's the time to bring in the cash for them. But with so many landlords in the Miami market, you're facing a lot of competition.
This guide will show you the best vacation rental platforms to use to find the best tenants.
Here's what we recommend:
1. Airbnb
This remains the most popular option for short-term and long-term vacation rentals. You should always consider using Airbnb, among other vacation rental sites, as it's also the most trusted.
You don't have to pay an upfront fee to list your property. Instead, you'll pay a service fee each time you receive a booking.
You'll also have the option to charge extra fees. This can include a security deposit, cleaning fees, and any additional guest-related fees. The challenge with Airbnb is the competition, but it's always worth listing your property on the website.
2. VRBO
This is also one of the most popular vacation rental sites in the USA. You can choose to pay a flat fee of $499 per year for unlimited listings.
Or, you can pay a 5% commission fee per booking. You may also have to pay additional service fees per booking as well as credit card fees. As with Airbnb, VRBO will attract a lot of potential guests. But you'll also have to compete to make your listing stand out.
3. Booking.com
Booking.com is the perfect vacation rental platform to attract domestic and international visitors. It gives you the choice to communicate with your guests through the platform or offline.
You also have the freedom to choose how you want guests to pay. You'll have to pay a direct debit of 15% for every booking. If your guest cancels, you won't have to pay any fees.
It also allows for instant booking. This makes it perfect if you want to get regular guests without having long gaps between stays.
4. Plum Guide
If you've got some Miami vacation rentals, they might be on the luxury end of real estate. Plum Guide is a selective vacation rental site, so your listing might be rejected.
If accepted, it will be part of a list of exclusive properties. The target market is wealthy travelers and high-quality tenants. This gives you an opportunity to earn a higher income compared to other vacation rental sites offer.
Choose Your Vacation Rental Platforms
Now you know the best vacation rental platforms to consider for your Miami property.
Airbnb is the most popular option and doesn't charge upfront fees. You'll have a lot of competition, but you'll also attract the best tenants. VRBO is another option for reaching out to domestic tourists.
Booking.com is the perfect option for both domestic and foreign guests. Plum Guide lets you attract the wealthiest guests for shorter stays.
But you'll need a property manager to help you handle your properties. PMI Magic City has 20 years of experience and is your best bet.
