What technically defines a short term rental property? A property that is rented out for fewer than 28 days. US specific rules on these include a 14-day rule. If you rent your location out for less than 15 days, you do not have to report your rental income. The permits that you need for short-term rentals can differ depending on location, so be sure to contact the property city department to get property authority.
If the location you’re renting is in an HOA, there may be other special rules and regs to consider. Be sure to check on this before you take the leap.
It’s important to make sure you’re charging the proper necessary taxes as well. Every city is very different in their regulations. Broward county, for example, requires a city inspection with a long checklist the property has to meet with everything from hard wired smoke alarms to noise detection devices landlines. Miami beach has the highest fines, but the City of Miami is actually very lenient. You need to know your territories before you jump in.
Here is the map of Miami Beach’s vacation rental territories. A lot of information can be found on the city sites.
There can be a lot at risk and at play if the rules aren’t followed. This Is why we always advise working with a professional management company. We guide our clients with our legal counsel on the city regulations and what’s allowed BEFORE they buy, and then once they acquire the property we have our legal team process their state and city license to ensure we are in full compliance and operating in a sustainable way for years to come.
What technically defines a short term rental property? A property that is rented out for fewer than 28 days. US specific rules on these include a 14-day rule. If you rent your location out for less than 15 days, you do not have to report your rental income. The permits that you need for short-term rentals can differ depending on location, so be sure to contact the property city department to get property authority.
If the location you’re renting is in an HOA, there may be other special rules and regs to consider. Be sure to check on this before you take the leap.
It’s important to make sure you’re charging the proper necessary taxes as well. Every city is very different in their regulations. Broward county, for example, requires a city inspection with a long checklist the property has to meet with everything from hard wired smoke alarms to noise detection devices landlines. Miami beach has the highest fines, but the City of Miami is actually very lenient. You need to know your territories before you jump in.
Here is the map of Miami Beach’s vacation rental territories. A lot of information can be found on the city sites.
There can be a lot at risk and at play if the rules aren’t followed. This Is why we always advise working with a professional management company. We guide our clients with our legal counsel on the city regulations and what’s allowed BEFORE they buy, and then once they acquire the property we have our legal team process their state and city license to ensure we are in full compliance and operating in a sustainable way for years to come.