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The rise of shared lodging options has led to a surge of interest in vacation rental properties from investors.
Despite increased economic impact, the vacation rental industry remains a complex and sometimes hostile landscape for investors to navigate. Regulations on vacation rentals vary widely on a state, municipal and association-based level.
Denis Hanks, Senior Director of the Florida Vacation Rental Managers Association (FVRMA), knows just how complex this landscape can be. For over 21 years, FVRMA has been a legislative voice for the vacation rental market industry, in addition to providing property management solutions. Denis brings 20 years experience in state and municipal government to FVRMA’s oversight and efforts.
This episode, Denis discusses some things investors should know for the vacation rental industry in 2017.
Florida Vacation Rental Industry
- $31 billion/year economic impact
- Captures nearly 50% of tourist dollars
- Comprised of condos, single family homes and luxury home resorts
- Central FL
- 4,000 new developments dedicated to vacation rentals
- 25% of U.S. vacation rental market
3 Things to Know for 2017
- Frequency and Duration
- FL Statute 509 – preemption protects property owner rights; State cannot prohibit frequency and duration for vacation rentals
- Regulations can change from municipality to municipality
- Investors need to do due diligence on local zoning/compliance regulations
- Be aware of condo/homeowner association regulations
- Metro Miami/Broward
- Top 2 international buyer markets in FL
- Most hostile regulations
- $20,000 violation charges in Miami; $1,000 per dy fines in Ft. Lauderdale
- State Regulations
- Pressure from local officials to remove Statute 509 Preemption
FVRMA provides a voice for vacation property investors in the state. Members have access to educational resources in addition to legislative lobbying. To find out more about the services offered by FRVMA, visit their website www.fvrma.org or call 407-201-0120
To contact Denis regarding what you can do to learn more about being a vacation rental investor, email him at firstname.lastname@example.org.
Check out Episode 39 Greg Bugay – Things You Should Know About Growing a Vacation Rental Business in our show archives!