As an investor, renting your property can be a great way to earn income. Landlords and tenants each have legal rights and responsibilities under Florida law. Landlords have a responsibility to keep rental properties in safe condition and collect rent from a tenant.
In Florida, all residential leases are regulated by the Florida Residential Landlord and Tenant Act.
Typically, long-term Leases require entering into a one-year lease with tenants, although it might be possible to offer a six-month lease if you don’t want to make such a long-term commitment.
You need determine if renting is allowed in your building by contacting the management company or reading the rules and regulations.
“Some condos in Miami do not allow rentals for the 1st year of ownership”
If you plan to rent your property, you need a different policy from a standard homeowners insurance policy. You may also wish to increase your liability coverage to protect yourself from the risk of a lawsuit.
LEASE AGREEMENT & SECURITY DEPOSIT
Your lease agreement should always specify the rental price, the duration, the security deposit, late payments fees, and pet restrictions.
You should collect a security deposit from all renters, because you never know when someone will cause damage.
Typically, Tenant should also pay upon move in date, the first and last months rent.
Tenants are required to submit a condo application in order to obtain a certificate of approval by the Boards. A condo or HOA has the right to approve or disapprove a prospective however such approval or disapproval must be reasonable and not arbitrary.
The association will run a criminal background check and credit check and the fee ranges between $100-250 non-refundable depending on the association. The approval process may take up to two weeks.