All Forum Posts by: Lauren Cote

There are a few strategies you can use to help mitigate vacancy rates for mid-term rentals in Miami-Dade County:

1. 1. Set competitive rent rates: Research the rates of similar properties in your area to ensure that you are pricing your rentals competitively. This can help you attract tenants more quickly, which can help reduce vacancy rates.
2. 2. Offer amenities: Consider offering amenities that are attractive to travelers, such as a fully equipped kitchen, on-site laundry, and Wi-Fi. These amenities can help make your rentals more attractive to potential tenants.
3. 3. Market your rentals: Use online platforms and social media to advertise your rentals and reach potential renters. You can also consider reaching out to local hospitals or medical facilities to let them know about your rentals and the benefits they offer to traveling nurses.
4. 4. Offer flexible lease terms: Consider offering lease terms that are flexible to accommodate the needs of different types of renters, such as traveling nurses who may only need a place to stay for a few weeks or months at a time.
5. 5. Offer incentives: Consider offering incentives to tenants, such as a rent discount or a move-in bonus, to encourage them to rent your property. This can be especially effective if you are trying to fill a vacancy during a slow rental season.
6. 6. Manage your property effectively: Being proactive in managing your rentals, including responding promptly to inquiries, maintaining the property, and addressing any issues that may arise, can help you attract and retain tenants and reduce vacancy rates.

By following these strategies, you may be able to reduce vacancy rates for your mid-term rentals and improve your profitability as a landlord.

Here are the GSA rates for lodging in Miami Dade County:

@Kevin Nerio You would most likely need to go through the re-zoning application process. The city will not approve permits for work until the property use is brought up to code. It's not as simple as paying off violations for previous un-permitted work. If the property is not zoned for sing-family use, but you are using it as a multy-family, you will continue to receive violations until the county approves the application for rezoning. 

Miami-Dade also just passed an ordinance (Read about it here) to allow additional dwelling units(ADUs) on single family zoned lots, allowing the owner to rent the ADU, requiring the owner to live in the main house. This new ordinance allows for just one ADU per property. So if you can reconstruct the house to be a single-family, with just one ADU, and you are willing to live in the house that could be you best bet at saving your investment.

Another option could be to contact a construction attorney who is involved in projects requiring more complex permitting or zoning applications. I have found some interesting contacts by searching properties here and following the links to zoning applications for similar properties in the same area. Happy to walk you through this site and share with you how I use it and other ways to find out what you can do on a property. Feel free to DM me.

You should find those answers in the contract you are using for the deal. If there is no verbiage in the contract for your specific scenario, it would be best to consult a lawyer to help you write something like a clause or additional terms. 

Sweetwater, Westchester,  South Miami and Kendall are great areas. 

Hi @Maryann Weyhmiller Some buildings have programs where they handle property management like tenant screenings, parking permits, security etc. Some buildings function more like a hotel where they will handle everything catered towards short term rentals- these types of buildings will more likely have a lobby concierge, they can call you if you have guests or food delivery- they might also have things like car valet service or poolside get togethers. It feels more like an all inclusive resort except you own the unit and must furnish it (although some buildings might have furnishing options). Not every building allows short term rentals. If they do, the rules are very specific to the building. Every property has different rules. In my opinion all these buildings charge very high association dues monthly, in some cases $1000+ per month. The more included, the higher the price. You can also opt to find a building that's more hands off that manages the building, but you must handle everything with tenant and the unit. In this case if you can not manage the property on your own you can hire a property manager. There are larger property management companies you can hire to handle everything for your rental or you can also hire an individual who is a property manager in the area (someone you can trust to answer your tenants and schedule timely repairs).  I'm a realtor in Miami so I can help you look for property options if you need it. We can go over pros and cons on the properties you're curious about buying. Also happy to get you connected with an investor friendly lender, if you haven't done that. Here to help. Send me a DM!