Crystal River Short Term Rentals Anyone???

Question

First time buyer here! Would love to get some thoughts from some veterans.

Does anybody have experience in Crystal River, Florida? I was excited to do research there but saw this article recently about "A Crystal River ordinance from 2005 prohibits residences outside the city’s waterfront-commercial zoning district to be rented out for less than three consecutive months" and I was concerned. RE agent told me that "it's discussed because of the complaints of homeowners but I don't see anything changing"

https://www.chronicleonline.co...

Thanks in advance!

Kevin Escobar · Answer

I own in Crystal River. My grandparents have snow birded to the area for the last 33 years. I grew up visiting the area and have seen all the change that has happened. Tourism has definitely increased due to exposure from outlets like Nat Geo because of the manatees. My aunt and I own on the same block and my grandparents are around the corner. My other aunt is also a realtor in the area so I could put you in contact with her. To answer your question - within the city limits STR's are not permitted, outside the limits there is no regulation. Be sure to do your due diligence when looking to make a purchase. Keep in mind there is a seasonality factor to this market. Ever since that AirDNA article there has been a ton of new listings and investors in the area making it much more competitive. I do agree with Andrew on the labor pool as well. If you do purchase and need help with management let me know! I will add that out of my STR's, this is the worst performing so if you can't stomach slow months this may not be the market for you.

Andrew Steffens · Answer

Yes I have been before, it is awesome! I saw the AirDNA article, it came to #6 because there is not a large demand of housing there so it is affordable which helps with profitability.  I am not sure how you are intending to manage, but beware the local labor pool is not the greatest and I think you may have some issues finding either decent management or finding decent workers if you intend to self manage.  It will not be impossible of course, just challenging in my opinion.

Sara Levy-Lambert · Answer

• When it comes to investing in Airbnb properties, it's always important to do your due diligence and research the local regulations and ordinances. In the case of Crystal River, it's important to be aware of the three-month rental minimum for properties outside the waterfront-commercial zoning district. However, it's also important to keep in mind that ordinances can change, and it's worth staying up to date on any potential updates or changes to the law.
• In my experience as an Airbnb investor, I've found that it's always a good idea to have a local real estate agent or property manager on your team to help navigate the specific regulations and requirements in a particular area. In Crystal River, it sounds like your agent has a good handle on the current ordinance, but it's always worth double-checking and staying informed about any potential changes that may affect your investment. Google awning airbnb management or awning vacation rental buying for some experienced leads.
• While the three-month rental minimum in Crystal River may present some challenges for short-term rentals, it's important to remember that Airbnb investing is all about finding the right balance between profitability and compliance with local laws. With careful research and a solid plan in place, it's possible to succeed as an Airbnb investor in Crystal River or any other location.

Katherine Blazer · Answer

Hi! Lender and Realtor out of St Pete. The draw to the area for scallop season, which runs from around the 4th of July to around Labor Day. It's really fun. if you haven't been, and great for families of all sizes. The Veterans Express was opened within the last few years, making it easier to get to the area from Tampa. I would check and research the seasonality for the area. I haven't looked recently enough to share.

Samantha Reeves · Answer

I would love to connect more with you to hear about your experience in this market. Thank you!

Amy VanDyke · Answer

Hi there, I have an STR in Crystal River and I have a management company. Let me know how I can help!

Amy VanDyke · Answer

I own an STR in Crystal River and it is performing VERY well. I also have just started up a STR management company here. Happy to help answer any questions! GREAT AREA!!!!!

Sara Levy-Lambert · Answer

Here is a list of pre-analyzed properties in Crystal RiverLTRhttps://awning.com/a/investmen...STRhttps://awning.com/a/vacation-...Look up Jacob Brenyo - he's an expert in that area.

Jenifer Scheibe · Answer

I have been considering getting a second home in Crystal River and using it as an STR the rest of the time.  What a find interesting and have a hard time understanding is that I have seen several houses that are not on the water or might be a smaller home (2 bedroom) listed on airdna and awning that are getting a higher(in the $300's) ADR than the 3 bedrooms on the water.  I try to compare amenities,  but these houses don't have their own pools, most don't allow pets,  and they don't look that much better renovated. These $200,000 homes have just as many bookings as the $500,000 home on the water.  I own a STR in Corpus Christi, TX  that is on the water and it doesn't bring much more ADR than inland homes, but it does book more often.

Ryan Blankenship · Answer

Hey Sam, I've looked into that market and came out with the same conclusion. It seems pretty seasonal. Have you checked out Hocking Hills? I own and manage STR's in this area and I can't find another market to beat it when comparing cash-flow. If you have any questions, feel free to message me. I don't mind sharing numbers or anything.

Crystal River Short Term Rentals Anyone???

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