Buying Orlando Property for Airbnb
What is Airbnb?
I first heard about Airbnb from my sister when she was looking for nice place to rent at a cheaper price than a hotel. Airbnb is an online market place for travel rentals turning everyday owners into hoteliers by them renting rooms in their own residence or other owned properties on a nightly basis.
Airbnb started in 2007 and is now a $10 billion dollar business with rentals in 192 countries.
According to Airbnb, the ideal property has local charm, reasonsibly priced, and in an ideal location.
Airbnb is growing in popularity. Even the National Association of Realtor is advertising Airbnb properties on Realtor.com offering a way for buyers to try out the neighborhood before buying an Orlando property.
Buying Orlando Property
I decided to write this blog after I had a buyer that wanted to buy an Orlando investment property just to put it on Airbnb. What he did not realize, is that not every community allows short term rentals or renting on Airbnb. Not having the association approval to do a AirBnb, can become a sticky situation for the homeowner.
With 60 million visitors traveling annually to Disney attractions each year, there is no shortage of properties you can rent by the night or week. To do this legally, the Orlando property has to zoned for Short Term Rentals.
Short Term Rentals can be rented for any period of time less than 6 months.
Short Term Rental Locations
Not every area of Central Florida is zoned for rental. The short term rental locations are Kississmee, parts of Orlando, parts of Davenport, and parts of Clermont.
When viewing the properties on Realtor.com and Airbnb there are several properties in areas of Orlando being rented out illegally.
When you collect payment for short term rental properties, you are required to pay resort taxes.
Airbnb does have controversy
While Airbnb is catching on in this digital age, its not without risk and problems. Recent article cited 50% of New York Airbnb properities are done illegally, with report of squatters, neighborhood complaints, to brothels and robberies.
The owner of Airbnb is trying to change legislation to allow cities to offer this option legally, which could drastically change the dynamics of Orlando Property.
Owning an Orlando property for short term rental is large part of the real estate business in Central Florida and excellent option if you want to have some income when owning a second home. If you are in the market for a second home, Buyers Broker of Florida can offer you options and help you buy in areas that are legal to use Airbnb to market your property. Call us to discuss your best options. 407-539-1053.