Daytona Beach Florida Mid-Term Rentals

[Paul Pratt]

Hey everyone,

I figured I would share some info on mid-term rentals in my area, and help you build a strategy in case it's something you've been considering. So one of my contacts is a successful airbnb operator in the area (over 10 properties) and he actually made a mistake in buying a property without realizing it wasn't zoned correctly. However, it was sort of a blessing in disguise. He applied the same strategies in regards to renovations and furnishings. For a 3/2 SFR home on beachside, he was grossing $5800 a month on average compared to a long term rent rate of $2600. His clientele made up mostly of snowbirds and people displaced from their condos from storms. THE 2 KEYS are this, 1. Have a solid renovation budget and 2. Make sure you furnish everything as if it is a STR!

Hope this helps, how well you prep your property will reflect in the rates. If you do the bare minimum, expect nothing more.

[Robin Simon]

Really seeing a lot of people have success shifting towards the MTR strategy from STRs this year

[John Underwood]

Quote from @Paul Pratt:

Hey everyone,

I figured I would share some info on mid-term rentals in my area, and help you build a strategy in case it's something you've been considering. So one of my contacts is a successful airbnb operator in the area (over 10 properties) and he actually made a mistake in buying a property without realizing it wasn't zoned correctly. However, it was sort of a blessing in disguise. He applied the same strategies in regards to renovations and furnishings. For a 3/2 SFR home on beachside, he was grossing $5800 a month on average compared to a long term rent rate of $2600. His clientele made up mostly of snowbirds and people displaced from their condos from storms. THE 2 KEYS are this, 1. Have a solid renovation budget and 2. Make sure you furnish everything as if it is a STR!

Hope this helps, how well you prep your property will reflect in the rates. If you do the bare minimum, expect nothing more.

 Another Key point is to do your due diligence. This could be a critical error if you can't make the number work as a MTR or LTR after you found out it doesn't have the zoning you assumed.

[Andrew Steffens]

Quote from @Paul Pratt:

Hey everyone,

I figured I would share some info on mid-term rentals in my area, and help you build a strategy in case it's something you've been considering. So one of my contacts is a successful airbnb operator in the area (over 10 properties) and he actually made a mistake in buying a property without realizing it wasn't zoned correctly. However, it was sort of a blessing in disguise. He applied the same strategies in regards to renovations and furnishings. For a 3/2 SFR home on beachside, he was grossing $5800 a month on average compared to a long term rent rate of $2600. His clientele made up mostly of snowbirds and people displaced from their condos from storms. THE 2 KEYS are this, 1. Have a solid renovation budget and 2. Make sure you furnish everything as if it is a STR!

Hope this helps, how well you prep your property will reflect in the rates. If you do the bare minimum, expect nothing more.

Is the city very strict about proper zoning? I have some clients who did the same in Saint Petersburg. We agreed to run it as an STR until the notice of violation came and it never did, 3 years strong as an STR. Most cities either take nearly a year to build a proper case against you, or do not bother you if you are not a nuisance (i.e. carefully screening guests).

[Michael Baum]

Luckily they were able to pivot. There have been more than a few folks here that bought without checking the regs.

[Paul Pratt]

Quote from @John Underwood:

Quote from @Paul Pratt:

Hey everyone,

I figured I would share some info on mid-term rentals in my area, and help you build a strategy in case it's something you've been considering. So one of my contacts is a successful airbnb operator in the area (over 10 properties) and he actually made a mistake in buying a property without realizing it wasn't zoned correctly. However, it was sort of a blessing in disguise. He applied the same strategies in regards to renovations and furnishings. For a 3/2 SFR home on beachside, he was grossing $5800 a month on average compared to a long term rent rate of $2600. His clientele made up mostly of snowbirds and people displaced from their condos from storms. THE 2 KEYS are this, 1. Have a solid renovation budget and 2. Make sure you furnish everything as if it is a STR!

Hope this helps, how well you prep your property will reflect in the rates. If you do the bare minimum, expect nothing more.

 Another Key point is to do your due diligence. This could be a critical error if you can't make the number work as a MTR or LTR after you found out it doesn't have the zoning you assumed.

 Agreed, luckily in this case it was a blessing in disguise! 

[Paul Pratt]

Quote from @Andrew Steffens:

Quote from @Paul Pratt:

Hey everyone,

I figured I would share some info on mid-term rentals in my area, and help you build a strategy in case it's something you've been considering. So one of my contacts is a successful airbnb operator in the area (over 10 properties) and he actually made a mistake in buying a property without realizing it wasn't zoned correctly. However, it was sort of a blessing in disguise. He applied the same strategies in regards to renovations and furnishings. For a 3/2 SFR home on beachside, he was grossing $5800 a month on average compared to a long term rent rate of $2600. His clientele made up mostly of snowbirds and people displaced from their condos from storms. THE 2 KEYS are this, 1. Have a solid renovation budget and 2. Make sure you furnish everything as if it is a STR!

Hope this helps, how well you prep your property will reflect in the rates. If you do the bare minimum, expect nothing more.

Is the city very strict about proper zoning? I have some clients who did the same in Saint Petersburg. We agreed to run it as an STR until the notice of violation came and it never did, 3 years strong as an STR. Most cities either take nearly a year to build a proper case against you, or do not bother you if you are not a nuisance (i.e. carefully screening guests).

It all just depend, I've had investors get fines and others one street away have not had any issues even if the zoning was off. I would suggest everyone do numbers on the conservative side, in case you start to get fined. However its pretty clear cut here where you can and can't have an STR. With that said, it also doesn't stop a lot of people from doing them if they are outside of zoning.

[Brooklyn McCarty]

Always good to have a exit strategy!

[Sarah Kensinger]

Yes, mid-term rentals can be a great strategy too, thanks for the reminder! I have also heard a lot lately that you should treat them as a STR in the design and furnishings. People want a nice-looking place to live in, even if it's only for a couple months!