Why rent your vacation home? Short-term rentals (less than six months and one day) have become popular alternatives to traditional hotels. When starting to rent your vacation home, make sure to comply with the laws and ordinances of the City and your association.
Most vacation rental homeowners choose to hire a property manager when they don’t have time to manage their rental themselves. The OfCoursemiami Team created this step-by-step guide to help you get started rent your vacation home.
RULES & REGULATIONS
In Miami and Miami Beach, vacation/short-term rentals are prohibited in most of single-family homes and in many condominiums in certain zoning districts. Approved vacation/short-term rentals need to obtain proper licenses and certificates of use that permits the activity.
Short term renting of your vacation property triggers the requirement to collect and remit taxes. In Miami Beach, FL the total tax rate you need to charge and collect from your guests is 13%. To report and pay the tax you would be required to file a FL state sales tax and a Miami-Dade County tourist tax return each month.
HIRING A PROPERTY MANAGER
Renting your vacation home requires effort, time and dedication to succeed. Most vacation rental homeowners choose to hire a property management company when they don’t have the time or desire to run their seasonal rental.
In exchange for their services, property management company typically charge a commission which can range from 20% to 25% of the rental income. A property manager will advertise the property, make sure that guests are suitable, inspect the property prior to check in / after check-out, welcome the guests and organize any repairs, maintenance and cleaning.
PREPARE YOUR HOME
Your vacation home needs to be fully furnished, nicely decorated and equipped with all appliances an electronics.
The kitchen should be equipped with enough plates, glasses and silverware. Guests also appreciates adequate cooking gear, a microwave, coffee machine and toaster, etc…
The Bedroom should have quality and ample bedding like a queen size bed and sets of sheets for each bed, pillows, blankets, and comforter.
Overall, Renters expect the property to be spotless, with a TV and high speed internet.
” Make your home comfortable and livable”
WHEN IS THE BEST TIME TO RENT IN MIAMI?
In Miami, High season generally runs from November until May. The peak of the season is definitely March and December due to big events taking place in Miami at this time of the year.
Low seasons runs from June until October during the “Hurricane season” with June and September the slowest months out of the year..
Significant events in Miami will raise your occupancy and increase your nightly rate tremendously such as New Year celebrations, Boat Show, Auto Show, WMC, Ultra Music Festival, Memorial Week-End, Thanksgiving, Art Basel, etc.