The Ultimate Guide to Transient and Non-Transient Vacation Rental Properties in Key West
Are you considering Key West real estate as an Investment? Did you know there are two different types of Vacation Rentals permitted by Monroe County? Key West is a very desirable destination, in December 2017 – 37, 329 passengers flew into Key West International Airport, in 2016 333,400 tourists visited just from Canada alone. Summer month occupancy is gaining popularity, with 33, 525 passengers flying into KWIA in July, 2017, according to the statistics from the Key West Tourist Development Council. In Summer entire families travel to Key West to enjoy delightful weather, great seafood and play on the beautiful warm Keys waters. Are you looking for a 2nd home or seasonal residence that will have the ability to become a Rental Investment in your absence? Every residence in the Keys has potential. Check out this guide to help you better understand transient and non-transient vacation rental properties!
-Similar to a hotel; nightly or weekly rentals are permitted – Transient licenses are issued for specific Receivership locations in Key West and the Lower Keys with only a limited number available for these specified areas. –Transient licensed properties sell at a premium and sometimes above asking price. A Transient license for a property is a valuable asset. -Current Transient License Purchase Price – $175,000 for a three bedroom/three bath as of January, 2018. -With this type of license you can expect to see a return of 10-12% on the gross purchase price.
-A Non-Transient license is available for a minimum rental period of 28 Days. -Any single family home can be licensed as Non-Transient, but if you are seeking a rental investment located within a Condo Association, the guidelines may differ. Some associations have a minimum of three or six month restriction placed on the owners or you must own for a particular amount of time before you have the ability to rent the unit. -With Non-Transient rentals, you can expect to see 5-6% return on your gross purchase price. -Non- Transient homes have a lower purchase price than homes with transient licenses because transient licenses are highly sought after. -There is a great demand in the Keys for Licensed Rentals… in every Key West neighborhood, or think about Waterfront homes…visitors are able to fish and boat right from the backyard, these homes also have great appeal, particularly in the summer months. Let us help you find an investment that fits your needs and expectations. -Currently less than $20 per year for license Let Leigh Ann Roach and the #1 Team at BERKSHIRE HATHAWAY HOME SERVICES KNIGHT & GARDNER assist you with locating your valuable Keys Investment. Allow our Top Notch RENTAL DIVISION- Historic Key West Vacation Rentals put your Investment to work for you.