In a city like Miami, known as one of the most important tourist destinations in the world, the possibility that homeowners can rent their properties short term is seen as a new form of income, which is why several builders are already developing new projects that offer their buyers the option of renting their apartment without restrictions and whenever they want. This option, which will even allow the owners of these homes to promote their properties through vacation rental platforms, such as AirBnB, Vrbo or, to name a few, is one of the most discussed trends in the real estate market of 2020. , especially because of its legal implications. Properties that are to be rented short-term must be in areas permitted by Miami-Dade County and have approval from the Homeowners Association.

The City of Doral imposes fines for operating a short rental without proper approval from $500 to $7,500. For Miami-Dade County, a short-term or vacation rental refers to properties that are rented for periods of less than 30 days, however, Homeowners Associations (HOAs) are even more strict, since many of them do not allow rentals for less than six months or a year.

Biscayne Park in Miami is Florida’s most popular destination, however, the City of Miami Beach prohibits rentals of six months or less in many residential areas, but allows them in some sections of the city that generally , they have condo-hotel zoning and you should also take into account that hosts must obtain a business license and a tourist tax registration certificate. The company AirBnB, which offers tourist accommodation online, provides some recommendations that should be taken into account before deciding to offer your property as a vacation accommodation site, as it is important that you understand the laws of your city to avoid any type of fine.

It is essential to ensure permitting in the city where your property is located, which can be as simple as contacting the Planning and Zoning Department directly and contacting the Homeowners Association. This way, you will be able to know exactly what the rental restrictions are for your property and if you must pay any taxes on this type of rental. At a business level, experts in the real estate sector assure that investing in properties that can be rented without restrictions is an excellent investment, as it will generate significant cash flow. The only important factor to take into account if you are going to purchase a home for this purpose is to understand that regulations may change.

Legacy in Downtown Miami is one of the projects with this modality and is estimated to be ready by the end of 2023. This allows renting without restrictions, which implies that the owner will be able to live in the property, rent it annually or for short periods. And among those available is 5350 Park in Downtown Doral, which allows rentals for seven days.