What you need to know about short Term Rentals in Miami

Helpful Tips Before You Start Searching

#1 If you're getting a loan, understand the Financing Rules

Condominiums that allow Airbnb have different financing rules and will probably not qualify for a traditional conventional loan (Fannie or Freddie) or require a larger down payment. Make sure you speak to a lender and have some upfront discussion before you start looking at these types of properties.

#2 Condo-Hotels or “condotel”

Condo-Hotels are a great option since the buildings are designed and operated already for short-term. If you need financing Condo-Hotels are very difficult and almost impossible to finance. Most buyers purchase in cash. These properties also may have specific rules if you want to self-manage your unit instead of using the hotel's management program.

#3 Consider New Construction

Many new developers are now building condos that allow short-term rentals/airbnb as part of the amenities of the building. Benefits of buying pre-construction allows you to get in early at developer "early-bird" pricing and you get to pick exactly which unit and floor.

#4 Miami Beach zoning is NOT favorable for airbnb

There are only certain areas that are zoned for rentals of a period less than 6 months. Also most condo buildings are not eligible for financing. If you want a STR in South Beach be prepared to pay with cash.