Everyone loves a trend, and lately that trend has been Airbnb homes. Short term rentals have become all the rage and a lot of owners are turning their long term rentals into vacation properties.
In a market like Tampa, this makes sense. We have people coming for weeks and months at a time to go to school, work, vacation, and scope out local retirement destinations. They’re looking for furnished, short term rentals that offer more value and privacy than hotels.
But is it the best idea for your Tampa rental property? We’re unpacking that in today’s blog.
Short Term Rental Restrictions
The popularity of these types of rental homes has grown over the last three or four years, and oversight has grown, too. Outside involvement in the form of community pushback and government restrictions has only risen.
Many neighborhoods are taking steps to restrict these types of rental properties. They don’t like the constantly changing traffic that’s coming through their communities. “Not in My Neighborhood” has become a bit of a rallying cry for those opposed to this type of housing next door or down the street.
This has led many municipalities to regulate short term use for properties. One of the most interesting restrictions is the “Boots on the Ground” type of regulation, which requires that the property owner is within 50 miles of the home. The idea is that if there’s a problem, an immediate response will be necessary and the owner and responsible party has to be close.
Benefits to Tampa Short Term Rentals
Owners have the potential to make a lot of money with vacation rentals and short term properties.
You also get to be a bit more creative than you can be with a long term lease. Lots of people are naming their rental homes and they’re offering more than a place to stay - they’re offering a whole experience, with a theme and extra comforts.
The income generated by an investment property catering to the vacation market is much higher than what you’ll earn with a long- term lease. Even if you have a guest in place for several weeks or months, you’re going to charge more than you would charge someone who is moving in for a year or more.
Expenses Involved in Short Term Rentals
Higher rents are the upside. But, you’ll also have an increase in expenses.
Short term rentals will suffer more wear and tear. There will be extra maintenance needed, and you’ll have to clean between guests. If you have the unfortunate experience of renting to a bad guest, you could be faced with complaints from neighbors because of disruption to the peace and quiet of the neighborhood. We’ve heard of Airbnb properties becoming party houses.
There’s definitely risk involved, and you’ll need to weigh that against the potential for additional income.
To successfully operate a short term rental property, you’ll need to get some professional help from a local Tampa property management company. If you’d like to talk about what we can do to help, please contact us at Berkshire Hathaway HomeServices Florida Properties Group.
