Do you lease your property more than three times in a year and for less than a month? If so, this quick update on short-term vacation rentals should interest you.
Since 2011 the Florida legislation has allowed landlords to seasonally rent their condos. Thanks to this law, investors could turn foreclosed or residential properties in poor condition into remodeled vacation places. In a state as touristic as Florida, it seemed to be a good solution to attract vacationers especially during the winter and spring seasons.
However, the Officials and the permanent residents are concerned by the negative effects due to this increase in condos used as short-term vacation rentals. Indeed, these condos were not built to become mini-hotels and vacationers who go back and forth disturb the quality of life in some neighborhoods.
Moreover short-term vacation rentals represent a huge competition for hotels. For example the state Division of Hotels and restaurants just released that last year 10,362 rents on 37,155 public lodging establishments in Florida were in fact short-term vacation rentals. It’s more than 1/3!
As a consequence, local governments are trying to get back some control over short-term vacation rentals. So if you are planning to buy a condo in order to rent it, give priority to long-term rental or find a condo where you are allowed to rent on a short term basis.
In condos such as the Akoya in Miami Beach, or the Flamingo, the Yacht Club, the Decoplage in South Beach you are allowed to rent your condo on a monthly basis up to 12 times a year. Then if you rather rent your condo on a very short term which means on a daily or weekly basis, then you should buy in a condo hotel. In condo-hotels such as the W residences, the Mondrian or the Setai you will be able to come down to Miami at your convenience and rent it ou the rest of the time.
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