Anyone in Tampa renting by the room?

Question

BP,

I am interested in renting out bedrooms by the month but not sure if my market of Tampa/St Pete would support it. I am fascinated by the podcasts where guests tell of renting by the bedroom to maximize their cash flow.

Is anyone doing that in Florida? I know it sounds like it can be pretty intensive with strangers in a house but curious.

What kind of clientele rent from you?

Any issues with it?

Thanks!

Tim

Ronnie Hutchinson · Answer

I'm actually located in Orlando, Florida and do this. The biggest issues that I've seen other people have while attempting to do this is HOA. A lot of HOA's will not allow more than 3 unrelated people living in a single-family home. If you have a 3 bedroom house this is fine, but anymore bedrooms you'll run into issues.

I currently do this in 2 homes. One's a 3/2 and another a 5/3. Cash flow is much better than renting to one individual. You do have to furnish the common area spaces, nothing high end. This strategy does reduce vacancies.

Aaron T. · Answer

I know the urban crash rents by the room. they are a bnb set up.

clients can be anyone at all that visit the city or anyone that needs a place to stay.

consider you are having someone in your home, so you have to ensure its clean and presentable all the time. This means you take your free time to clean or pay someone to clean up common areas.