Over half of all new condos being built in Miami are specifically for short-term rentals

[beach43ofus]

Originally Posted by Corrie22

nope, they are setting them up with very loose rental restrictions......


the problem as I see it is going to be crime in these buildings

Miami already has a crime problem in these big apartment buildings....this is going to make it a whole lot worse

They very likely have camera's EVERYWHERE....at least they'll catch the perps.

Who rents these short term places...workers or retirees or both?

[beach43ofus]

Originally Posted by bale002

I wonder if the owners will be charging and reporting hotel tax like they are supposed to by Florida law.



My real estate agent recently told me about crime in these big apartment buildings. So this is the second time in a week that I’m hearing about it.

I think the online rental services have to report info to the IRS, but I could be wrong.

[Arcenal813]

Originally Posted by beach43ofus

They very likely have camera's EVERYWHERE....at least they'll catch the perps.

Who rents these short term places...workers or retirees or both?

Tourists/visitors (including me) and workers (think travel nurses.)

[elchevere]

Some condo buildings prohibit short term rentals of less than 4 or 6 months. Choose wisely as a longer term resident.

[bale002]

Originally Posted by beach43ofus

I think the online rental services have to report info to the IRS, but I could be wrong.

Yes, of course, but the State of Florida also imposes a hotel tax on any residential rental that is less than six months and I believe it is the owner’s responsibility to charge, collect, declare, and pay this tax. Basically a short-term rental is a hotel. I am not sure if the Counties receive a cut of these tax revenues (they probably do) or who is responsible for enforcement.

Also any moveable furnishings - i.e. beyond basic in-the-wall or in-ceiling appliances and fixtures - are subject to a State inventory tax, with an exemption up to $25,000 in value, but a report is required in any case.

But again, I wonder how many of these short-rental owners actually report and pay, who is responsible for enforcement, and what are the consequences of non-compliance if audited.

Just some factors to take into account if one enters into such a business.

My gut feeling is that many owners are ignorant of or ignore these laws until they get caught, if ever.

[gixxer1000]

As a developer of these buildings I can attest to the fact that these buildings are built under hotel guidelines. The must comply with all the reagulations and requirements of hotels. They are simply hotels that Co-owned with private individuals thereby spreading the risk while bringing in additional investor to get the deal done.

[gixxer1000]

Originally Posted by Corrie22

nope, they are setting them up with very loose rental restrictions......


the problem as I see it is going to be crime in these buildings

Miami already has a crime problem in these big apartment buildings....this is going to make it a whole lot worse

Again these are essentially hotels. So unless your argument is that hotels bring crime this makes no sense. Most of these units are MORE expensive than renting in a cheaper hotel units. The are essentially furnisher apartments that are rented out as hotel units.

Not sure how renting a studio apartment at $300/night is going to lead to more crime?

[silverct9a]

Agreed. People who don't even live in the area and probably have never done a short term rental in the city shouldn't be making such confident blanket statements...what actual experience do these individuals have? *Can't wait until someone asks me what experience I have with it*

Originally Posted by gixxer1000

Again these are essentially hotels. So unless your argument is that hotels bring crime this makes no sense. Most of these units are MORE expensive than renting in a cheaper hotel units. The are essentially furnisher apartments that are rented out as hotel units.

Not sure how renting a studio apartment at $300/night is going to lead to more crime?

[Corrie22]

no they are not essentially hotels......in a hotel....each unit is not owned by a different owner...with a different standard of who they rent to and who they don't

[silverct9a]

Clarify most housing Are you meaning the SFHs as well or most housing in the Brickell area? As I'm sure you're aware, Miami isn't just trendy neighborhoods...real families live here too and I'm sure they're permanent.

Originally Posted by CXT2000

File this one under "no **** Sherlock"... like I said, most housing down here is built for investors and short term rentals, not permanent housing.

Right once again....