Do you have a property you would like to offer for short term rentals? Maybe your vacation home sits unoccupied for weeks, or perhaps you’re downsizing and thinking of renting out your house instead of selling it. The great thing about southern Florida is that travelers seeking sunshine are always looking for a place to stay. If your home meets their accommodation needs, it may offer a lucrative way to collect extra income.

Here are several tips for how to start a vacation rental.

Why Start? The Rising Popularity of Vacation Rentals

First, let’s look at why vacationers are turning to VRBO and Airbnb instead of hotels.

Remote Work. When offices closed during Covid, more people began to work from home… but remote work also opened up the possibility to work from anywhere. Let’s face it, logging into a Zoom meeting from Miami Beach in January is a lot more appealing than being stuck at home in freezing Fargo. Even better? Being able to work on a private patio or a porch with a view, rather than in a stuffy hotel lobby. 

Rising Hotel Costs. According to research by BCD Travel, hotel rates were expected to go up 6.8% in 2024, which is 25% more than pre-pandemic prices. Renting a condo or house today is often more affordable than staying at a Hilton or Marriott and is also more spacious. What’s more, travelers with a large group can usually stay in a 3-bedroom vacation rental home for much cheaper than the price of three hotel rooms. And there’s also the cost-saving factor of being able to cook affordable meals instead of dining out. 

Privacy and Extra Space. Conveniences like self check-in and not having to wake up early to make the breakfast buffet are appreciated when away from home. Families also love vacation rentals because the kids can have a separate room, which makes early bedtime much more pleasurable instead of parents having to turn in at 8 pm. And considering that the average hotel room is around 325 square feet, the average vacation rental spans more than 1,300. Who doesn’t want to spread out and relax while on vacation? 

How to Start a Vacation Rental Business

Renting out your house or condo can certainly be a smart choice, but it does take some legwork to get your business started. 

Assess What Will Attract Customers

To keep your rental filled, you will need to consider why guests will want to book it and what they might be willing to pay.  

Location. Is your property right on the beach? If so, you’ll definitely be able to ask a premium price. Renters will also be looking for what’s nearby such as concert venues, restaurants, and shopping centers. If it’s in a more suburban setting, you’ll have to think about why someone would choose to rent there. A place with private parking, a gated entrance, and a safe neighborhood can definitely appeal to families with young kids.  

Size. The square footage and amount of rooms you have will be contributing factors to what you can charge. Customers are willing to pay extra for more than one bathroom (after all, that’s a big reason for veering away from a hotel room). Large groups seeking separate rooms for every couple will love it if you have queen and king beds. However, families might be satisfied with a smaller place that has twin beds or bunk beds in each room — just as long as there are enough pillows for everyone to lay their sun-kissed heads.   

Amenities. This is a big one when it comes to renting out your house. Renters want to know all the reasons to choose your particular place. Does it have a private pool or hot tub? Access to a lake? Will you provide a golf cart to haul beach equipment a block or two down the road? If you own a condo unit, make sure to tout all the amenities guests can use. An onsite gym, tennis court, game room, and playground are definitely big draws. 

Learn Local VRBO Laws and Ordinances

In order to make your home a vacation rental, you will have to follow state and county rules and regulations. Miami-Dade County has specific licensing that rental owners must acquire. You must also register with the Florida Department of Revenue, and be prepared to collect and file taxes received from your rental each year, including Tourist Taxes.

In addition, your property must abide by occupancy limit laws. In Miami and Fort Lauderdale, the maximum number of guests is 2 persons per bedroom, plus 2 additional persons per property (think pullout couch or futon). And no more than 12 people can stay in one home.  

There are laws pertaining to pool safety, noise ordinances, parking regulations, pets on the property, and more. If you plan to hire a property management company, they will be very familiar with all of these and help ensure your house or condo meets every requirement before becoming listed and while being rented.  

Get Your House Guest-Ready

This is when you’ll have to stop thinking about the place as yours and put yourself in a vacationer’s shoes. What would you want a property to have when traveling away from home? Here are some ideas to get you started:

• A stocked kitchen. Cookware, dishes, utensils, a coffee pot, and toaster are essential when renting out your house. Also make sure to include dish soap, dish towels, and oven mitts.  
• Bathroom conveniences. Shampoo, soap, and a hairdryer should always be included. You could also throw in an extra toothbrush and toothpaste for guests who forget theirs. 
• Cozy bedrooms. Sleeping quarters should make guests feel right at home, so be sure to remove any of your personal home decor. Many rental owners opt for crisp white bedding because it’s easy to clean and change between guests.
• A dedicated workspace. Some renters might want to work by the pool, but there should be an indoor space available for taking video calls. Working guests always appreciate a desk with a charging station and dependable WiFi.
• Entertainment. No one wants to pay to rent movies while on vacation, so consider a Netflix or Disney Plus subscription that guests can enjoy while they unwind. A shelf full of board games and books is always well received, as are sandcastle buckets and shovels for little ones heading to the beach.  

List Your Property Online

You can’t make your home a vacation rental if renters can’t find you! Vacation property sites like MRMVR and Airbnb include full descriptions of rental homes, photos, rates, and the ability for guests to book online. Before listing, you can get a good idea of what similar properties to yours are charging for nightly rent.

Because there are so many listings in the Miami area, it’s crucial that your property shines as brightly as possible. A property management company will take professional pictures of each room and make sure all positive guest reviews get posted so your rental continues to stay booked. 

Renting Out Your House Can Be a Lucrative, Care-Free Business with the Right Property Manager

As a property management company in Miami-Dade County, MRMVR knows all the ins and outs of how to start a vacation rental. We help homeowners evaluate how attractive a property could be for guests, then determine a fair rental fee that customers are willing to pay and that will result in a substantial financial gain. We also take the stress out of your rental business by making sure the property abides by city and county laws, and by maintaining the property so it keeps receiving rave reviews. 

If you’re ready to make your home a vacation rental, contact us today and we’ll be happy to help.