According to a press release from VisitLauderdale.com, over 32 million visitors flew into Fort Lauderdale International Airport in 2023. As a result, Greater Fort Lauderdale earned over $125 million in tourist revenue. Their visitation also drove hotel demand by 3%.
So, if you've previously made a Fort Lauderdale vacation home investment, it's time to put it to good use. Renting out to the area's tourists is an ideal way to generate passive income for vacation properties.
Join our team at PMI Premium Services as we explore vacation property investment strategies that can help maximize rental potential and income.
Satisfy All Legal Short-Term Rental (STR) Requirements
Compliance with Ordinance C-15-29 is one of the key legal considerations for vacation rentals in Fort Lauderdale. The ordinance defines "vacation rentals" as dwelling units rented to transient occupants for less than 30 days or a calendar month:
- Condo units
- Group of units
- Individually or collectively owned houses
The ordinance also requires registration with the city. However, all short-term rentals must first obtain the following state and Broward County licenses before submitting a Vacation Rental Registration Program application:
- Notarized Department of Business and Professional Regulation letter
- Notarized Department of Revenue letter
- Broward County Business Tax Receipt
- Notarized Broward County Tourist Development Tax letter
Once you have all the above, you can apply for registration. During the application, you must provide proof of property ownership and a blank or sample copy of your lease agreement with guests. You can complete the application online and then schedule an inspection of your property.
Prep and Stage Your Home
Consider preparing and staging your home before the inspection of your registration application.
Staging is an excellent way to demonstrate that your vacation property complies with all applicable building, health, and safety codes. It also allows you to take impressive photos and videos of your prepped and staged home, which you'll use as visual aids when you market your property on online vacation rental platforms.
Partner With a Vacation Rental Manager
A dedicated property manager can help ease the burden of managing and maintaining your property and boost your vacation rental income by:
- Helping ensure your property is up to code
- Providing guest-attracting, income-boosting real estate income ideas (e.g., property improvements or upgrades)
- Marketing your property professionally
- Communicating with potential and paid guests
- Screening guests
- Overseeing the cleaning and maintenance of your property
So, with a rental property manager, you can generate income while taking it easy and not having to do all the work yourself.
Ready to Start Generating Passive Income for Vacation Properties?
Generating passive income for vacation properties in Fort Lauderdale begins with compliance with all state and local laws. Then, you'd need to prep and stage your home before marketing it to potential guests. So, even though vacation rentals in the city can be lucrative, managing one (or multiple properties) can be too much work.
In that case, consider partnering with PMI Premium Services, our full-service short-term rental property management firm. We're a locally owned and independently operated company, but we're also part of PMI, one of the nation's fastest-growing property management franchises. PMI has been changing and perfecting the property management industry for nearly two decades.
Speak with us today for a complimentary property consultation!
