Condominiums without rent restrictions
In a city like Miami, known as one of the most important tourist destinations in the world, the possibility that homeowners can rent their properties in the short term is seen as a new form of income, which is why several builders are already developing new projects that offer their buyers the option of renting their apartment without restrictions and whenever they want. This option, which will even allow the owners of these homes to promote their properties through vacation rental platforms, such as AirBnB, Vrbo or Booking.com, to name a few, is one of the most discussed trends in the real estate market of 2020 , especially because of its legal implications. Properties that are going to be rented for a short time must be in zones allowed by Miami-Dade County and have the approval of the Homeowners Association. The City of Doral imposes fines for operating a short rental without proper approval from $500 to $7,500. For Miami-Dade County, a short-term or vacation rental refers to properties that are rented for periods of less than 30 days, however, Home Owners Associations (HOAs) are even stricter, because many of them do not allow rents for less than six months or one year. Biscayne Park in Miami is the most popular destination in Florida, however, the City of Miami Beach prohibits rentals of six months or less in many of the residential areas, but allows them in some sections of the city that, generally They have condo-hotel zoning and it should also be noted that hosts must obtain a business license and a tourist tax registration certificate. The AirBnB company, which offers tourist accommodation online, provides some recommendations that should be taken into account before deciding to offer your property as a vacation accommodation site, as it is important that you understand the laws of your city to avoid any type of fine. It is essential to secure permits in the city where your property is located, which can be as simple as contacting the Planning and Zoning Department directly and contacting the HOA. In this way, you will be able to know exactly what the rental restrictions of your property are and if you must pay any tax for this type of rental. At the business level, experts in the real estate sector assure that investing in properties that allow rentals without restrictions is an excellent investment, since it will generate a significant cash flow. The only important factor to take into account if you are going to acquire a home for this purpose is to understand that the regulations may change. Legacy in Downtown Miami is one of the projects with this modality and it is estimated that it will be ready for 2023. It allows rental without restrictions, which means that the owner can live in the property, rent it annually or for short periods. And among those that are available is 5350 Park in Downtown Doral, which allows rentals for seven days.