Rental and AirBnB markets in Florida

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Rental and AirBnB markets in Florida

Ryan SaullePro Member
Flipper/Rehabber · Rahway, NJ · Member since 2017 · 137 posts · 123 votes

Hey BP!

Looking for a second market for short term rentals or AirBnB’s in Florida. We’ll be visiting Jan 24-29 checking out a few areas: Boynton Beach, West Palm Beach, Delray and Palm Bay. Heading back in a few weeks to check out Tampa, Saint Petersburg, Sarasota and Fort Myers. Any insight on laws or anything regarding these cities would be helpful. 

Thank you!

Ryan

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Nick Harvey
Palm Bay, FL · Member since 2016 · 76 posts · 23 votes
5y

Palm bay is a little ways away from south Florida so im not sure if thats the right city you are looking for. If you are looking in the area stick to Melbourne. Its closer to the beach and most attractions people are looking to visit. 

One of my clients most of his visits are people looking to visit family in the area but close enough for a disney trip, day trips to the beach which is 15-20 mins away, once the school is back up at full capacity FIT has a lot of foreign students who have friends and family visiting, the sports center in viera has very big baseball and soft ball tournaments multiple times a year before the pandemic but i think they have some things this on the schedule this summer. 

Palm bay the houses will be cheaper but  you need to add 15-20 min to the commute to most things as no one really commutes south.  Im sure that could he a deciding factor for someone on air bnb picking a place. 

If you are interested in Melbourne let me know i can tell you what neighborhoods to avoid. I sell pest control so I am always inspecting houses throughout the county. 

Good luck

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  • Nick Harvey
    Palm Bay, FL · Member since 2016 · 76 posts · 23 votes
    5y

    Palm bay is a little ways away from south Florida so im not sure if thats the right city you are looking for. If you are looking in the area stick to Melbourne. Its closer to the beach and most attractions people are looking to visit. 

    One of my clients most of his visits are people looking to visit family in the area but close enough for a disney trip, day trips to the beach which is 15-20 mins away, once the school is back up at full capacity FIT has a lot of foreign students who have friends and family visiting, the sports center in viera has very big baseball and soft ball tournaments multiple times a year before the pandemic but i think they have some things this on the schedule this summer. 

    Palm bay the houses will be cheaper but  you need to add 15-20 min to the commute to most things as no one really commutes south.  Im sure that could he a deciding factor for someone on air bnb picking a place. 

    If you are interested in Melbourne let me know i can tell you what neighborhoods to avoid. I sell pest control so I am always inspecting houses throughout the county. 

    Good luck

    4Reply
  • Scott Schuetz
    Real Estate Broker · Indialantic, FL · Member since 2014 · 145 posts · 71 votes
    5y

    @Ryan Saulle I agree with Nick, Palm Bay is likely not the best place for short term rentals. We have 3 in Melbourne that do well and Cocoa Beach/Cape Canaveral are also great for short term rentals.. I own a real estate brokerage here in Melbourne. Hit me up when you’re coming into town and I’d be happy to show you a few places 👍

    2Reply
  • Matt Nico
    Member since 2019 · 448 posts · 306 votes
    5y
    Originally posted by @Ryan Saulle:

    Hey BP!

    Looking for a second market for short term rentals or AirBnB’s in Florida. We’ll be visiting Jan 24-29 checking out a few areas: Boynton Beach, West Palm Beach, Delray and Palm Bay. Heading back in a few weeks to check out Tampa, Saint Petersburg, Sarasota and Fort Myers. Any insight on laws or anything regarding these cities would be helpful. 

    Thank you!

    Ryan

    Ryan,

    I'm more in the Central Florida area near Disney, but I am pretty familiar with the Tampa/St. Pete area and rents there are rising and home prices are not too bad. If you wanted to shy away from STR's, there are some pretty cool houses in Tampa and St. Pete that can be converted into duplexes or even triplexes that make it a great deal. From what I understand a simple phone call to the building division or code enforcement office of whichever county you want to invest in can give you answers very quickly.

    Good luck!

    -Matt

    1Reply
  • Alex J.
    FL · Member since 2020 · 18 posts · 16 votes
    5y

    Ryan, 

    We are in the St. Pete area. The beach towns all around us here are excellent for short term rentals. St. Pete Beach was recently named the #1 beach in the US by trip advisor, so there is very strong tourism demand. St. Pete Beach also allows weekly rentals with no annual limit, so its an awesome STR market with high quality properties.

    Another one near us that is GREAT for STRs is Anna Maria Island. This is quite an upscale STR market with expensive properties. But the demand for AirBnB is insane there, especially right now. If your price range allows it, this is definitely a STR market to look into.

    Alex

    1Reply
  • Duriel Taylor
    Realtor · FL · Member since 2013 · 372 posts · 83 votes
    5y

    @Ryan Saulle I would say south florida in a whole is great for Air bnb. The only city with major crackdown and massive fines is Miami Beach, because there hotels and tourist lobbyists made it that way. I would say stay way from condos as well. most HOAs have a minimal rental period that is counterproductive in the Air bnb business model. During the super bowl weekend in Wynwood area, in 2019, I rented a SFR for 3k per night for 7 days. The home was modest, 3/2, 1100 sqft, no pool but with transportation accommodations. I would be honored to discuss with you in further details. PM me on here if you are interested.

    2Reply
  • Krista Goodrich
    Property Manager · Daytona Beach, FL · Member since 2015 · 78 posts · 86 votes
    5y

    @Ryan Saulle reach out to me if you come to Daytona area! I have a list of every legal vacation rental and which are for sale, cash flow examples, etc.

    2Reply
  • Stetson MillerBusiness Member
    Real Estate Broker · Fort Myers, FL · Member since 2019 · 576 posts · 423 votes
    5y

    @Ryan Saulle Fort Myers actually isn't going to be a great area for STR's, unless you mean Fort Myers Beach. My recommendation for investors looking to use this strategy is typically Cape Coral. There, you'll be able to find success in single family waterfront homes, with pools and docks, in the $400-600,000 range. Compared to Fort Myers beach, most of these properties within walking distance of the beach are going to start in the $600,000 range. Let me know if there's any other questions I can answer about these areas!

    [email protected]850-259-2910
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    2Reply
  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    5y

    My friend does Air BNB in Cape Coral and does well. I own annuals and have about a dozen units in the cape. I am expanding and opening a brokerage and property management company in Naples under the name Wealth Realty And Property Management, Inc

    1Reply
  • James ColganPro Member
    Real Estate Agent · North NJ · Member since 2017 · 77 posts · 17 votes
    5y

    @Duriel Taylor

    Curious if Sunny Isles has restrictions on STR's or if it's independent on which building?

    Thanks

    2Reply
  • Duriel Taylor
    Realtor · FL · Member since 2013 · 372 posts · 83 votes
    5y

    @James Colgan thank you for reaching out. The city of sunny isles does not have restrictions however, some condos and HOAs have minimal rental period. If you are interested in that business model, I would be honored to speak with you. PM me and we can go coordinate dates and times to speak. 

    1Reply
  • Natasha Jansen
    Realtor · Lakeland, FL · Member since 2020 · 73 posts · 72 votes
    5y

    @Ryan Saulle I'm not too familiar with the east coast of FL but for west coast I would definitely swap out Tampa for Clearwater. I love Tampa (for B&H or flips) but in terms of STR, you're better off in Clearwater. I'm not too familiar with Fort Myers but I'd probably swap that out with Kissimmee which I know does well for STR.

    1Reply
  • Malgorzata SadowskaPro Member
    Real Estate Agent · Miami, FL · Member since 2017 · 506 posts · 205 votes
    5y

    Not Sunny Isles as a whole, however, many buildings do. Happy to help with the ones that allow them. Let's talk:)

    2Reply
  • Zach KiddPro Member
    Real Estate Agent · Clearwater, FL · Member since 2015 · 176 posts · 148 votes
    5y

    For the Tampa Bay area beaches, it's a really good market overall. Traditionally (and still) high demand under all but the craziest circumstances.

    Our beach towns are separate municipalities, and each has it's own STR laws and zoning. Some are really easy to figure out, some are almost impossible.

    Don't expect to find "home run" deals in these areas. "Bunts" or "singles" are good goals.

    If there is one topic that needs explanation here, it's "Condo-tel". That's a wall of text I can't post at the moment, but I'll circle back and drop that later. 

    Short version, it's a mixed ownership model for STR/Transient accommodations. The numbers involved really complicate deal calculations, and the model requires a different loan product.

    That said, there are still some great opportunities here depending on your preferred flavors, and this area remains hugely popular for good reasons (beautiful beaches, great food and nightlife, easy access from airports, proximity to the theme parks, etc).

    2Reply
  • Jared DeckerPro Member
    Property Manager · Tampa Bay, FL · Member since 2017 · 46 posts · 29 votes
    5y

    To continue @Alex M. original mention of St Pete Beach:

    The city of St Pete Beach is nearing the conclusion of their Sewer Project. This project will allow the city to re-engage the development of larger scale condos/hotels/additional businesses in the area as the new waste lines will accommodate a greater population. St Pete Beach is still modestly priced for a vacation heaven and one that is pruned for growth. 

    Not to mention the booming city to it's East, St Petersburg -- for those unfamiliar, they are separate entities. This city has had several large tech firms announce new HQs and offices being moved here, plus the current site of Tropicana Field -- home of the Tampa Bay Rays -- is set to be redeveloped in the next 6 years.

    Much to talk and be excited about in Pinellas County, Florida.

    2Reply
  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    5y

    @Ryan Saulle feel free to reach out to @Nicole Shaw if you're looking to invest in the Tampa Bay/St.Petersburg/Clearwater Area. She works with many STR investors!

    [email protected]619-456-8311
    Helm Mortgage Corp.5127 Reviews
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  • Dan Maciejewski
    Realtor · PInellas County Largo, FL · Member since 2016 · 902 posts · 810 votes
    5y

    The Tampa metro area is great for short term rentals.  Hillsborough County allows it.  The actual cities of St Petersburg and Clearwater do not, but there are a ton of places in Pinellas that do allow it.  

    2Reply
  • Alice Horn
    Property Manager · Kissimmee, FL · Member since 2019 · 446 posts · 266 votes
    5y

    Hi @Ryan Saulle!  Should you be interested in checking out the Disney/Kissimmee market during your Tampa trip, we are close by. Happy to provide some data, maps etc. on the market and specific home types before your trip!

    0Reply
  • Amy S.
    FL · Member since 2020 · 3 posts · 0 votes
    5y

    @CraigYarnell can offer some great lending options for any of these areas, whether short or long term financing he has you covered!!

    0Reply
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