Miami Furnished rentals in South Florida and what you should have in mind.
Can anyone start renting their apartment as a furnished rentals any time they want ? Well yes and no Lets start with the basics . 90% of Condominium has in their bylaws rental restrictions that mandate the lenght of stay or rental period you are allowed to do so and about 90% of them only allow 2 rental periods per year. Secondly any rental less than six month must pay sales tax and the tourist sales tax of 13% and be registered to collects such tax with a tax id number and must report your sales monthly. Most owners assume they own a unit and therefore that gives them free rein over how they choose to rent their unit and that is just not the case.
A furnished rental business is a not as simple as it seems and lastly which most people forget is the cost of furniture . Over the last few years and I would say even longer, vacation rentals have taken a new spotlight and are being featured more and more as an alternative to hotels and therefore some hotel travelers are choosing this options but are expecting to find hotel style furniture and accommodations and owners many times assume their furnished rentals is quite ok even if it is 10 years old Furnished rentals today can not have furniture that is more than 3-4 years old as a rule of thumb and specific items like TV’s can not be the older 19″ tube style but rather 32″ inch LCD tvs. With that in mind, the cost of a well furnished rental can be over 5 to 6 thousand dollars on the lower end of the spectrum and should be taken into account before you decide to role the dice with furnished rental business.