Navigating Short-Term Rental Restrictions in St. Petersburg, FL: Stats & Strats

[Calvin Pringles]

Hello fellow BiggerPockets members,

I wanted to share important information and statistics about STR restrictions in incorporated St. Petersburg, FL, for those considering investing in this market.

St. Petersburg currently allows a maximum of four leases under 30 days within a calendar year for properties in incorporated areas. Despite these restrictions, many investors still operate traditional STRs, like Airbnb or VRBO, and find them profitable. However, it's crucial to note that by doing so, they are not complying with city regulations.

- According to Furnished Finder, the average rent for a one-bedroom furnished rental in St. Petersburg is $2,210 per month. 

- AirDNA data shows an occupancy rate of around 60% for STRs, with an average daily rate (ADR) of $137.

Given the limitations on STRs, you might want to explore MTR opportunities (30 days or more) as an alternative investment strategy. This approach can offer a balance between flexibility and stability, catering to the huge growing demand for temporary housing in St. Petersburg.

Always consult with a real estate professional ( That's me :)! ), attorney, or local expert to ensure compliance with guidelines and make the best investment decisions. Let's help each other navigate the ever-changing world of real estate investing!

[Andrew Steffens]

We manage 4 in incorporated Saint Pete all nightly rentals and never any issue from the city.

I do not advise clients buy in this area as the winds can blow another direction at any time but if they already have a MTR or LTR  I feel they are fairly safe barring their neighbors are not on city council or related to the mayor ;)

[Calvin Pringles]

Quote from @Andrew Steffens:

We manage 4 in incorporated Saint Pete all nightly rentals and never any issue from the city.

I do not advise clients buy in this area as the winds can blow another direction at any time but if they already have a MTR or LTR  I feel they are fairly safe barring their neighbors are not on city council or related to the mayor ;)

It's great to hear you've had success with nightly rentals in the incorporated portion of St. Pete! I have a couple of buddies who are absolutely crushing it, as I'm sure your clients are.

You're right, though—regulations can change, and it's wise to be cautious. All it takes is one angry neighbor to spoil your entire investment.

I personally can't wait to see what happens with Pinellas Park, Lealman, and Kenneth City. Exciting times to be a growing city. I remember back some 20 odd years ago these places were super undesirable.

Happy investing!

[Andrew Steffens]

@Calvin Pringles

You too! Are you just advising buyers or also managing?

[Michael Baum]

Hey @Calvin Pringles, not much to say about this but I do like your crisps.

[Calvin Pringles]

Quote from @Andrew Steffens:

@Calvin Pringles

You too! Are you just advising buyers or also managing?

 Gonna be getting into management here shortly (in the works). I am a full time realtor, so primarily advising people.

[Calvin Pringles]

Quote from @Michael Baum:

Hey @Calvin Pringles, not much to say about this but I do like your crisps.

 I've heard this for years lol! Imagine the torment as a child 

[Michael Baum]

Hahaha! It's just too easy man! With my last name I have heard every iteration of exploding and the like. :)

[Bonnie Low]

I would be cautious before jumping into the MTR pool. I have seen many posts on travel nurse pages stating that Florida is one of the lowest paying states for travel nurses. While many like to go there because of the work/vacation opportunities available in FL, they are generally looking for inexpensive properties because their per diem rates don't support higher rent. You should consult the GSA website before jumping into this strategy to determine what the per diem rate is so you know what your prospective guests have to work with. And remember that they only get travel nurse wages when they also have somewhere to call their home base, and that means that they also have another mortgage or living expenses they have to support in addition to their travel home. Zeona McIntyre often talks about why she won't do MTR in Florida. I recommend you check out some of her stuff.