I am moving into an apartment closer to work this month, and was thinking about trying our Air BnB to rent my extra bedroom. I went with a rather nice place hoping that I would be able to find a quality roommate, but the Air BnB idea seems more exciting to me.
The apartment building is only 2 years old, very modern, and the whole place looks out over a lake from the fifth floor. It's 2 miles from the beach, a block away from I-95, and positioned not too far from Ft. Lauderdale. I'm paying $1750 a month for the 2-bedroom. This isn't exactly high for this area. My lease doesn't say anything about not being able to sublet, so I'm hoping I can do this.
My questions are:
How do I know what price to make my listing for?
Does anyone have decoration ideas? The other listings online look pretty stylish.
Does anyone with experience in Air BnB have any tips about things I should look out for?
Thanks in advance for any advice you guys have to offer!
FYI: Renting out apartments/condos/bedrooms, etc for a profit is illegal In most states as well as condo associations. Even if you are in a true apartment building, not a condo, I'm sure they have regulations against it.
Have you done a search of your building on AirBnB to see if there are other listings? You could get design & pricing tips there.
Usually for South Florida not far from the ocean, a bedroom will rent for $50-$80/night and higher on weekends or special event. I would target the $75/night price if you furnish it nicely and it has its own private bath. IF the bath is in the hallway, then it might rent less so you'd have to price it accordingly.
If you're going to give your tenants access to the amenities with a Key Fob, remember you are responsible for anything they might do. Make sure you screen out the weirdos when possible! (profile, find them on facebook, etc.)
It looks like there is a listing in my building already! I should be able to use that as a guideline if I decide to do it. From what I've been reading it looks like you have to register as a vacation rental with the city. There's no way these guys on Air BnB are doing that though because I don't think they really qualify.
Thank you for the information and advice!
No, definitely not. Almost 99% of AirBnB in Miami/S Fla is breaking some sort of law (local or state or HOA), not to mention violating terms of their insurance or mortgage.
I think I'm just going to try to find a solid roomate!
@Charles Zink Varies per building and zoning laws. I would first check with HOA then short term rental zoning within the area. For example, little do people know South Beach allows in certain areas then it falls upon the HOA building governing docs if its allowed or not.