Short-Term Rental Regulations: South Florida is a paradise for tourists, providing an array of attractions, delectable cuisine, and weather that is unlike any other. Therefore, the abundance of short-term rentals in the area is surprising.
“It is the epicenter of short-term rentals,” said BlackBook Properties broker Sep Niakan.
According to Niakan, Miami has adopted the trend for years.
“Seven buildings are specifically designed and constructed to accommodate short-term rentals,” he explained.
Construction, according to him, has already begun on a number of these structures in Miami.
He stated, “The majority of those projects are already sold out.”
By 2027, Niakan anticipates that approximately fifteen buildings suitable for short-term rentals will be completed in the downtown Miami metropolitan area.
As per AirDNA, a provider of data analytics for short-term rentals, the number of available listings in Miami-Dade County surpassed 22,000 in December, representing a 19% increase compared to the same month in 2019. February of that year witnessed a 71% increase in the number of available listings in Broward County, surpassing 17,700.
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Southeast Florida has more than any other market assimilated or adopted the concept of short-term rentals, according to real estate economist and Florida Atlantic University professor Ken H. Johnson.
He elaborated that the phenomenon is not limited to Miami alone.
Johnson stated, “Anecdotally, it appears to be present in virtually every neighborhood.” “From my front door, I observe short-term rentals directly opposite my residence.”
“This has always been available for purchase, but never to this extent,” he continued.
Legislators at the state level are paying attention.
The full Florida Senate approved Senate Bill 280, which would permit local governments to establish vacation-rental registration programs, earlier this month. Additionally, it would fix the maximum number of overnight accommodations permitted and institute a standardized set of regulations across the entire state. The bill is available at the following link: https://www.flsenate.gov/Session/Bill/2024/280
New York made headlines the year before the implementation of new regulations mandating the registration of short-term rentals with the city. Additionally, hosts are required to be physically present in the residence throughout the rental.
Certain municipalities in South Florida have implemented their own regulations. There is a vacation rental registration fee required in Fort Lauderdale. Short-term rentals are strictly prohibited in residential areas of Coral Gables.
“Miami has permitted and prohibited areas for various types of units,” said Jamie Lane, chief economist at AirDNA. It is an extremely dynamic market.
Johnson stated that the trend does not appear to be slowing.
“Regardless of legislative action, I believe we will see significant numbers so long as the economy remains robust,” he stated.
An analogous bill was introduced in the state legislature. Here is the text of House Bill 1537.
County tax collectors would be responsible for administering registration programs under HB1537. Platforms that advertise short-term rental listings would be required to collect state and local taxes under both proposals.
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