Is MTR a good strategy in Gainesville FL and surrounding areas?

[Karina Woodward]

Hello,

I recently talked to a business mentor (a free service through SCORE) to discuss Medium-Term Rentals in my hometown of Gainesville. This mentor mentioned he has a few STR; however, he flat out recommended not to do a Midterm rental because of the regulations regarding tenants staying more than 28-30 days. Can anyone share their input on this topic? We would really appreciate it!

Please let me know if you need more details about what we are looking to do! Thank you in advance. 

[Jenn Barona]

Quote from @Nick Velez:

@Karina Woodward

This is a city/County ordeal. With Tenants staying over 30 days, you have to get an inspection done and do a bunch of unnecessary upgrades to the property to be within compliance. I have two STR's here locally and a primary that I was planning on turning into a LTR next year. With the new ordinance, I think I would rather sell then deal with the city/county. I have an article below that discusses some of the rules.

https://www.wuft.org/news/2021/04/26/city-of-gainesville-ado...

There was a federal law that superseded the regulation the city Inspections were actually just canceled. So that’s no longer.

https://alachuachronicle.com/city-of-gainesville-halts-renta...