Did you know that over 131 million people visited our great state of Florida in 2019 alone?
And who could blame them? The Sunshine State has it all: stunning beaches, an exciting nightlife, fun theme parks, and some of the best views around.
With so many visitors each year, there’s an opportunity to turn your house into a money-maker by turning it into a short-term rental property.
Renting out your house can become a lucrative business if you know the right steps to take. Keep reading for helpful tips for renting your home short-term in Florida.
This is a Step by Step Beginner’s Guide to renting your Florida home to help you explore getting started.
Do the Research
As with any money-making venture, one of the keys to success is taking the time to do research before getting started. Making the decision to rent out your home shouldn’t be taken lightly. Here’s a closer look at some of the specific things you should research before opening for business.
Short-term vacation rentals are perfectly legal in Florida, however, there are still some regulations you should know. At the state level, short-term property managers are required to have a license in order to host guests at their property.
You’ll want to do research within your specific city to see if there are any other laws you must abide by before you begin renting your home.
Before starting any business, you have to be able to determine supply and demand and look into comparable rates. Start by looking at short-term rental listings in your area and note the following:
- How much do they typically charge on weekdays and weekends?
- On average, how many days per month do they seem to be booked?
- What’s the average rate per night for homes that are comparable to yours?
- What kind of feedback do they get from guests in reviews?
Gathering all of this information will help you understand more about the rental market in your area. From there, you can start to determine how much people will be willing to pay to rent out your home.
When it comes to renting out your home, knowledge is half the battle!
Talk to Professionals
After doing thorough research, there are a few professionals you should talk to before making the final decision to rent out your home. By doing so, you can help ensure that turning your home into a rental property makes sense for your circumstances.
Meet With a Lawyer
By opening your home to short-term tenants, you’ll need to make sure you have a full understanding of landlord and tenant regulations for your area. You’ll also need to confirm that your property doesn’t violate any zoning ordinances or other local property regulations.
Set up a meeting with a lawyer to get the answers to any questions you may have. Lawyers can also help you draft up a rental agreement for your property and help you determine the rules that should be followed by anyone who rents your home.
Meet With an Accountant
Because you’ll be running your short-term rental as a business, it’s a good idea to sit down with an accountant before getting started.
Your accountant can help you decide if starting this business is a financially viable option for you and help you understand the financial risks involved. Likewise, an accountant can help you better understand tax laws and make sure you abide by them.
Get A Florida Business License
Florida law defines a vacation rental as: “any unit or group of units in a condominium or cooperative or any individually or collectively owned single-family, two-family, or four-family house or dwelling unit that is also a transient public lodging establishment but that is not a timeshare project. [Section 509.242(1)(c), Florida Statutes (FS)]”
If you are renting an entire unit or home for more than three times in a calendar year for periods of less than 30 days or 1 calendar month, whichever is less, or if it’s advertised or held out to the public as a place regularly rented to guests then you are required to pay for and hold a business license.
By holding a Florida vacation rental business license you are required to adhere to the state regulations in maintaining this type of business. Read more about vacation rental licenses here.
Make Your Property Appealing
Across the United States, the short-term rental market has grown by over 100% since 2016. With so many rentals available, you have to figure out how to make your property stand out among the rest.
Invest in Home Upgrades
Take an honest look around your home. Does it need to be upgraded to appeal to renters? While you might not have the budget for a full remodel, there are smaller upgrades you can make to increase the chance that someone will want to rent your property.
Consider buying memory foam mattresses for all of the bedrooms and upgrading kitchen appliances to start, and continue making updates as you make money from renting out your home.
Another way to help your home stand out from the competition is to offer perks for guests. You might stock the kitchen with coffee packs or include shampoo, conditioner, and soap in the bathrooms.
Small efforts can lead to big value when tourists are trying to decide between booking your property versus another.
Highlight the Surrounding Area
There’s something exciting to do in nearly every part of Florida, but think about what sets your area apart. Is your home walking distance from a beach? Can you see the fireworks at a local amusement park from your backyard?
Visitors need to know why your house is the best option when looking for a play to stay on their vacation.
Spread the Word
Once you’ve done the research and made upgrades to your home, it’s time to get the word out about your house! List your property on our website to start getting exposure and then share the link with your friends and family.
Then, try the following tips to help drum up more interest in your property:
- Offer discounts for the first few people who book your home
- Offer a return discount code once people stay at your property
- Look into social media groups and forums to target people who are looking to vacation in your city. Check out our Florida Travel Group.
- Never discount the impact of word-of-mouth referrals – the best thing you can do is offer a high-quality rental and the word will naturally spread
We Can Help You Find Success Renting out Your Florida House
Once you decide that renting out your house is a great option for you, look no further than Florida Rental by Owners. We operate on a “no fees – book direct” business model, which can save you up to 20% on commission fees that you would have to pay on other sites.
Read through our Homeowner FAQs to learn more about what to expect when you list your home on our site. We’re here to make the process easy for you!
Florida Rental By Owners is a reputable and viable advertising platform “Built By Owners For Owners”. You control the entire booking process as soon as you get an inquiry.
Decide on your own cancellation and refund policies, decide on your own payment terms, communicate direclty with each traveler before the reserrvation if you wish.
Put more money in your pocket by listing your short-term rental home on Florida Rental By Owners today.