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Luxury Airbnb High-Rises Are Reshaping Miami’s Skyline
Airbnb is encouraging developers to build condo towers purposefully designed to be listed for short-term rentals. Units are selling fast in Miami and coming soon to other US cities.
West Eleventh residences, a luxury building in downtown Miami slated to break ground this summer, promises “endless indulgences.” It will feature an entertainment center, food hall, and a resort pool with private lounges—no amenity is spared. The concept of an apartment complex built for Airbnb appears to have won over investors: West Eleventh’s 659 units are nearly sold out, at an average price of about $800,000, says Ryan Shear, managing partner with Property Markets Group, the tower’s developer. Short-term rentals in Miami are generally occupied 57 percent of the time, according to AirDNA, with an average daily rate of $282—data that suggests a flood of premium apartments might not be hosting renters 365 days a year, even if the building allows for it.
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