Airbnb investing in Tampa/St. Pete?

[Zach Olmstead]

Hey all!

I'm trying to decide between renting by the room and Airbnb for my next property. 

I know the laws are different everywhere, and in my area (Tampa/St. Pete, FL) it seems like Tampa is fine with Airbnb, but I think closer to the beach is more desirable and would be much better for cash flow. However, I know there are weird rules for Airbnb by the beach in St. Petersburg/Clearwater - as I believe you can only have 90+ day stays.

If anyone has any airbnbs in this market and can offer some guidance, that'd be awesome. Would love to connect and talk the numbers behind Airbnb investing.

Thanks,

Zach

[Alex J.]

Hey Zach! 

You are spot on about the laws being confusing here in the St. Pete area and along the beaches. Every town is different. I have found that St. Pete Beach & Indian Rocks Beach have the friendliest short term rental rules along the Pinellas County beaches. St. Pete Beach was just named #1 beach in the US by TripAdvisor, so there is plenty of short term rental demand there. We just helped a couple get a great vacation rental triplex in St. Pete Beach and can speak with first hand experience that the demand there is excellent. 

Also, many beach front condos allow nightly and weekly rentals. Some even have reasonably priced on site management. 

Alex 

[Zach Olmstead]

@Alex J. Thanks for your reply. Very interesting stuff. Congrats on helping the couple get the vacation triplex!

I have the zoning map up now, definitely a bit confusing/a lot to it!

So if I understood you right:

- St. Pete Beach and Indian Rocks, less than 30 days is allowed? 

- you're saying that there is solid demand even for 30+ day stays?

- for condos on the beach, str's are very feasible in the case that they allow it, and it's as simple as calling the condo association to ask about their str rules and possible management?

[Alex J.]

St. Pete Beach rules require a 30 day minimum. Even with that rule in place, the demand there is shockingly high. I was amazed to to see the level of business these properties in SPB are doing with monthly minimums. 

Indian Rocks I see a lot of different things honestly, so I don't want to give you definitive info I am not 100% on. Certainly check with the city for both Indian Shores and Indian Rocks Beach (separate towns... to make it extra confusing). 

Many condo listings on the MLS will detail the rental rules or attach the HOA docs. But yes calling the condo association is your best bet in learning the rules for any individual condo complex. Some have VERY high management fees, so be wary of that. In towns that require 3-6 month minimums, these condos are a great option for people really interested in vacation rentals in locations that don't really allow it. The condos also provide a lower priced option to get exposure to the STRs too, since most free standing properties along the beaches are very expensive and are hard to make money on.

[Dan Maciejewski]

St Pete and Clearwater are out -- Clearwater definitely enforces it. On the land side, Largo is a great area to look at. There's a sweet spot just over the bridge from Indian Rocks Beach. I just closed 3 separate STR houses and another on Friday.

The STR market for short term rentals is all set to hockey stick as the country opens up but people still don't want to stay in hotels.

[Zach Olmstead]

Very interesting, thanks for the info @Alex J. Yeah, maybe with the rise of remote work we'll start to see people moving around more often or taking month+ "vacations".

Yes, I agree @Dan Maciejewski, the str market is about to go crazy, especially with remote work. I'll definitely have to check out Largo then.