Professional · Gurabo, PUERTO RICO · Member since 2015 · 19 posts · 13 votes
Vacation rentals have been growing at a rapid pace in Puerto Rico with currently some 10,000 units being offered in sites such as Airbnb. However, before diving in, be wary of new laws in the works in the Legislature under consideration. Given some lawsuits that have been filed that have reached the Supreme Court in Puerto Rico regarding the use of Condominium units for short term rentals. The Condominiums Bylaws must clearly state that short term rentals (being defined as rentals under 90 days) are permitted.
Also, recent newspaper articles have stated the fact that FHA approved condominiums can and are losing their approval if the units in the Condo are being used for short term rentals.
The short term market is growing and inventory is diminishing but before diving in do your due diligence. Make sure the Bylaws state that this use is permitted.
Real Estate Broker · Puerto Rico · Member since 2019 · 9 posts · 2 votes
7y
@Javier Rancier I could not agree more. There’s a lot of uncertainty as it relates to the future of air-bnb. I will continue to concentrate on small multi-family unots for buy and hold and SF for flips for the time being. Great post!
Vacation rentals have been growing at a rapid pace in Puerto Rico with currently some 10,000 units being offered in sites such as Airbnb. However, before diving in, be wary of new laws in the works in the Legislature under consideration. Given some lawsuits that have been filed that have reached the Supreme Court in Puerto Rico regarding the use of Condominium units for short term rentals. The Condominiums Bylaws must clearly state that short term rentals (being defined as rentals under 90 days) are permitted.
Also, recent newspaper articles have stated the fact that FHA approved condominiums can and are losing their approval if the units in the Condo are being used for short term rentals.
The short term market is growing and inventory is diminishing but before diving in do your due diligence. Make sure the Bylaws state that this use is permitted.
Javier Rancier, Real Estate Agent and Appraiser
PMI Realty
Thanks for giving your opinion on the topic, i could not agree more.
@Javier Rancier ... I am looking at moving my company to PR... that said, can you please provide your thoughts (brief and high level is fine) re: PR real estate market? Would you be OK if we connected and discussed offline?