Since the pandemic, overall prices for food, services, cars and homes to rent/buy have increased. Witnessing a global higher cost of living, many have turned to investing in rental properties in order to get extra income, often in addition to a more “regular” job. Some individuals have even turned ownership of rental properties their main source of income…and this is increasingly happening in Southeast Florida, from the Keys to Miami, Hollywood and West Palm Beach.

Costar.com recently published an article highlighting the increase of the vacation and travel markets in the United States in 2022, boosted by an expansion of remote work, overall higher wages and a larger number of retirees.

Are you ready to join the ever-expanding market of short term rentals?

Investing in short-term rental properties or transforming your space into one can be a fantastic way to get extra income. If you wish to aim higher, you can set your eyes on developing a short-term rental business, which can have the potential to bring in substantial profits. According to statista.com, the potential market volume is projected to reach $20 million by 2026.

Given that the market is still expanding, now is a great time to get your short-term rental business up and running.

Southeast Florida, and especially Miami and its surroundings, are considered one of the hottest places in the US. The sparkling coastal region remains a top destination among tourists, for pleasure and increasingly for business, both domestic and foreign.

The outstanding weather which can be enjoyed year long, the endless beaches, the dining, shopping and entertainment possibilities and the booming local economic ecosystem, attracting new residents from all corners of the world every week, are several reasons for professionals and vacationers to travel to Southeast Florida.

If you are thinking about investing in real estate and rent out the property on airbnb.com, vrbo.com or on an another platform, or if you are expanding your current rental income property portfolio, either by purchasing a house or a condominium, make sure that you focus on areas and buildings that allow short-term rentals in order to stay in compliance with local regulations and optimize your rental income.

What is a short-term rental property? It’s a property that is either rented for less than 30 days at a time or more than three times in a calendar year.

Have you ever purchased a rental property and when it was time to put it on the market for rent, you realized that you could not rent it for less than 3 or 6 months at a time?

This happens quite often and this is the reason why I strongly suggest for you to work with a real estate agent who can find out what the city ordinances and building regulations are before you decide to go shopping for an investment property.

Before you start, you must be aware of the potential laws and regulations that might impact how you manage your property or run your business. Did you know that the minimum rental period for a house is 30 days in Miami and 180 days in Miami Beach?

Also, one of Florida’s statewide mandates for short-term rental properties is that if you rent a property more than three times a year or for less than 30 days at a time, or if you publicly advertise your property for short-term vacation or business stays, you must acquire a vacation rental business license from the state. This is known as the Florida Department of Business and Professional Regulation License (DBPR license).

If you are considering purchasing a short-term rental property in Fort Lauderdale, Hollywood, Hallandale or Miami, feel free to contact me to discuss your options.