The YotelPad lobby. Photo: Martin Vassolo/Axios
YotelPad — a short-term rental project hailed as the first of its kind in Downtown Miami — hasn’t been able to test its flexible model due to unforeseen regulatory hurdles since it opened last summer.
- But the hotel-condominium developer tells Axios that owners can finally start renting out their spaces for daily stays, as promised, starting this month.
Why is this important: YotelPad helps lay the foundation for flexible rental model in the area, which has grown in popularity with several similar developments underway.
- “We pioneered this movement and are pleased to be the first completed product to offer it to our buyers,” a YotelPad spokesperson told Axios in an email. “I think it set a new standard for real estate investing in South Florida.”
Catch up fast: A city zoning change, which occurred during YotelPad’s construction, prevented landlords from offering short-term daily rentals when the project opened in May.
- Developer David Arditi told Axios in a statement that the building received city approval this month for short-term rentals for periods of less than 30 days.
How it works: The 31-story building on Northeast Second Street includes 222 YotelPad-managed hotel rooms and 231 residential units that owners can enroll in the building’s short-term rental program.
- Hotel rooms are around 240 square feet, while condos range from 400 to 700 square feet and come with kitchens and dining areas.
- A 225-square-foot queen hotel room, sleeping two, will set you back around $389 a night for a weekend in February. A 417-square-foot YotelPad studio condo, which includes a queen bed and a bunk bed, costs around $441 per night to rent over the same period.
- Arditi tells Axios the idea is to offer tourists a “fun urban crash” in the heart of downtown with a good bed and shower, but without the frills of a traditional hotel.
Yes, but: There are a few frills — like the giant Popsicle that serves as the hotel’s lobby front desk and the attendant robots that can deliver towels to your room.
- There’s also a self-service dog spa, a pool deck, and a residents-only Sky Lounge with a Smeg fridge that looks like the trunk of a Fiat 500.
The big picture: YotelPad may be the first new project of its kind to open in the region, but other flexible rental projects are coming, including a Airbnb-branded condo concept should be finished in 2024.
What they say : Ready-to-use rental properties like these may be more attractive to investors looking to capitalize on Miami’s tourism market than traditional condominiums, which often come with rental restrictions, Axios told real estate experts from Florida International University.
- “The demand is there,” said CRF assistant professor Mark Thibodeau, citing both interest for developers to capitalize on Miami’s international profile and for investors seeking passive income from a residence. secondary.
Attention buyer: Thibodeau said that, generally, buyers interested in new rental concepts should do their due diligence to assess the risks of their investment.
- “When buyers buy real estate with expectations about what they can and cannot do with it, changes in those expectations can impact their assessment of value,” he said.
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